Congress may soon be passing a bill that will bring relief to struggling homeowners.  The current proposal will insure up to $300 billion in loans that will be refinanced in order to help some who are facing foreclosure.  One major criticism I’ve heard about this plan is whether or not borrowers who owe more than the value of their home deserve to have their loan reduced and to gain instant equity in their property.

I am in support of this bill and believe that it is good for the Santa Maria area, which currently has the most number of foreclosures and short sales on the Central Coast (and many more to come.)  There are many home owners who have shown responsible decision making regarding their finances and who were simply victims of bad timing when they purchased their home.  I believe these homeowners deserve to own a property at a value that someone else would pay if it were sold in today’s market. 

Making provisions that allow financially strained homeowners to keep their homes is good for our community and neighborhoods.  Most distressed properties are left vacant, leaving yards and other features without care.  Instead of turning Santa Maria neighborhoods into ghost towns, this bill could be the “second chance” that many need to help boast confidence and restore pride in home ownership.