Yesterday, in Phoenix Arizona, President Obama laid out a bold $75 billion, three-part plan that is a major step in trying to halt the huge number of foreclosures occurring nationwide.  A major part of this plan is to encourage homeowners with homes that are now worth less than their current mortgages to refinance to a lower debt load.  This lower debt load is part of the incentive plan thus provided to banks and lenders in hopes of stemming future foreclosures.  The Homeowner Stability Initiative, which this new plan is being called by the Obama administration, seeks to address possibly the major trigger of the global financial crisis: the 2.3 million U.S. foreclosures...

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For information in general on Santa Barbara Real Estate, Montecito Real Estate and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s International Realty.   

Further Reading: Foreclosures and Bank Owned Properties Articles, Sotheby's Int'l Realty - Santa Barbara CA.

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