A little over two years ago, like so many other Americans, Adriane Punter lost her job.
With an eight-year-old daughter, Ms. Punter knew she had to do whatever it took not to lose her home too. With that in mind, she dutifully stayed current on her mortgage payments, using money from her unemployment benefits and support from North Carolina’s Mortgage Payment Program (MPP) to keep a roof over her children’s heads.
Now, two years later, Ms. Punter has finally found a job just as her MPP assistance expires. However, she knows that her income isn’t going be enough to cover her mortgage payments, car payments, and the expenses of raising her daughter.
Stories like Ms. Punter’s illustrate why Congress must pass President Obama’s plan to allow those who have played by the rules and made their mortgage payments to refinance their loans at today’s record-low interest rates.
Homeowners like Adriane Punter could save an average of $3,000 dollars a year with a refinancing at today’s rates. That’s hundreds of dollars a month more for food, car payments and utility bills. For so many families out there struggling to make ends meet, the relief offered by the President’s plan could make all the difference in the world.