National mortgage plan may not resonate in Gainesville

By on February 10th, 2012

Nationwide, struggling owners are expecting relief following a mortgage deal struck by the federal government and many large banks, but Gainesville/Alachua County Association of Realtors President Craig Wilburn says it may not be the long term solution North Central Florida really needs.

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The plan outlines two possible paths for relief. One would give homeowners who want to stay in their homes the opportunity to refinance at lower rates. The second gives up to $2,000 back to people who went through the foreclosure process between 2008 and 2011. He says Gainesville’s foreclosure and distressed homes rate is at 25% of the market, but some areas around the nation see rates as high as 80%.

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He says this is a step in the right direction, and although it may not make a big impact in Gainesville, any step towards helping people stay in their homes is a positive one.

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