Secretary of Housing and Urban Development Shaun Donovan joined four homeowners from around the country for a Google+ Hangout moderated by real estate marketplace, Zillow, Inc. to discuss home mortgage refinancing.
Earlier today, Secretary of Housing and Urban Development Shaun Donovan joined four homeowners from around the country for a Google+ Hangout moderated by real estate marketplace, Zillow, Inc. to discuss home mortgage refinancing. With home interest rates at historic lows, the average homeowners could save $3,000 a year by refinancing, but far too many borrowers are locked out of a chance to do so.
Secretary Donovan, Zillow CEO Spencer Rascoff and participating homeowners engaged in a conversation about various refinancing options, including the Home Affordable Refinancing Program (HARP) and the President’s plan that would simplify and streamline refinancing for responsible homeowners who are currently locked out of doing so.
Secretary Donovan took questions from homeowners Leighanne from New Jersey, Pete from Washington, Michele from New Jersey and Valarie from Georgia and also from homeowners throughout the country who submitted feedback questions on the Zillow website, Facebook page and on Twitter using the hashtag #WHHangout.
The conversation touched on a wide variety of topics from whether a homeowner would qualify if their mortgage was underwater, and what options there were for homeowners whose mortgages aren’t owned by Fannie Mae or Freddie mac, to short sales and appraisals. There were hundreds of great questions, and Secretary Donovan wasn’t able to get to all of them, but over the coming weeks we’ll continue to answer even more. Look for more Q&A videos on whitehouse.gov and Zillow.com.