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New mortgage program aims to help more homeowners

To reduce their monthly payments, borrowers will get a new interest rate thats equal to or below their current rates, based on the average of 30-year fixed mortgages, and the term will be extended to 40 years. Also, borrowers who owe more than their homes are worth will pay no interest on up to 30 percent of their unpaid balance. Borrowers, on average, are expected to reduce their monthly payments by 30 percent.

Article source: http://durangoherald.com/article/20130331/NEWS04/130339980/-1/s

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