KELO News Poll: Mortgage Mess
March 6, 2008, 9:24 PM
Home foreclosures are at an all time, as many families struggle to make their payments. Just in Lincoln and Minnehaha Counties, 71 families have lost their homes since the beginning of this year. And many more will follow.
According to our KELOLAND News economic online survey the mortgage meltdown has some families barely hanging on.
It's a sign of the times. Property foreclosed on. Home after home sitting empty, driveways un-shoveled, newspapers piled up.
According to our KELOLAND News online survey, nearly 50 percent of you say you're worried about the mortgage crisis.
"We definitely felt the crunch and it's been really a stressful time with our housing trying to work everything out with them," said Amy Prins.
Amy Prins is one of millions who is caught up in the subprime lending mess. Her mortgage payments have gone up, she says her lending company went bankrupt, and for now, she just feels lucky to still have a house for her and her husband and five children.
"My husband built it and he built it for our family and it's a large home, so we're very grateful," said Prins.
Worries about the economy sent mortgage rates skidding this week. The average for the 30-year fixed dropped to 6.03 percent for the week, down from last week's 6.24 percent, which had been the highest in more than three months.
And that could help some keep their homes.
According to our KELOLAND News online survey, 30% of you will consider refinancing. And when we asked the main reason, 22% of said they hoped to get a lower payment.
For people like Prins, working through the mess will just take time.
"It has been a hassle, yes, a lot of people have been affected by these mortgage companies," said Prins.
The Bush administration unveiled another plan to help homeowners who are facing foreclosure.
"Project Lifeline" will allow borrowers to delay foreclosure by 30 days so they can work out more affordable terms.
The offer would be extended to borrowers who are way behind on all types of mortgages.
© 2008 KELOLAND TV. All Rights Reserved.
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