7 On Your Side
Help may be on the way for struggling homeowners
Even with mortgage rates near 50-year lows, many families who want to refinance are being turned down.
Many struggling homeowners who have never been late on a single payment are stuck in high interest rate mortgages because they owe more than their house is worth. Banks will not refinance those loans.
But there could be help on the way soon. There is currently a bill in Congress that would give every responsible homeowner in the country the chance to save money by refinancing at today's rates.
The proposal is part of a push by Democrats and the White House to help homeowners take advantage of low rates.
It's hoped this would steady the housing market and put money in the pockets of the middle class.
housing market, mortgages, congress, white house, 7 on your side, michael finney
- Hearing produces new details, video of Asiana crash
- PG&E removes pipe involved in Oakland gas leak
- Toys for Tots donations really low this year
- Memorial takes place in SF to honor Mandela
- Man shot by deputy may be "Cotton Ball Bandit"
- Huy Fong Foods halting Sriracha sauce shipments
- Teen given probation in DUI crash that killed four
- Mother releases video of daughter killed in Sandy Hook shooting
- Facebook to join S&P 500
- Volkswagen to end production of iconic 'Kombi' vans
- Winter Spare the Air called through Thursday
- abcnews: First lady's glare seen round the world
- roundup: Warehouse fire; Mandela memorial
- weather: Bay Area weather forecast for Thursday
Most Viewed StoriesMost Viewed Photos