Richard Mize reports in the Oklahoman this morning:
Almost four out of 10 homeowners in Oklahoma County have mortgages that could qualify for loan modification under President Barack Obama’s “Making Home Affordable” program, according to Zillow.com.
That’s based on amounts owed on houses compared with what they’re worth the loan-to-value ratio required by the program. People who owe from 80 percent to 105 percent of their home’s value, on a conforming loan, meet the parameters of the program.
Zillow estimated that 37.8 percent of mortgages in the metro area fall into that loan-to-value range.
Lets me out. I owe something like 69 percent.
And as always, take these numbers with a whole lick of salt:
Zillow’s estimate did not consider financial hardship, which is another requirement, or whether lenders would be likely to modify any loans.
So I’m not expecting three of every eight mortgages in town to be reworked, but surely some of them will.