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The details of the recently restructured Home Affordable Refinance Program are still coming into focus, but economists from the University of Las Vegas says that many homeowners will soon be eligible for help, the Las Vegas CBS news affiliate KLAS-TV reports.
The UNLV economists predict that 70 percent of Nevadans could soon be eligible to refinance and restructure their mortgage payments as long as they stay current on their loans.
One local Las Vegas resident of Bonita Hills revealed to the news source that he bought a home in 2005 for $175,000, but now with less available construction work, he's struggling to make his payments. President Barack Obama recently visited the Bonita Hills neighborhood to unveil Project Rebuild, which will remove obstacles and allow more homeowners to refinance.
"With the President coming out here, hopefully it will inspire the private sector to make more advances and put that effort out there to help these people who are desperately needy," Eric Chavez with Housing for Nevada told KLAS.
Fannie Mae and Freddie Mac currently owns 3,700 homes in Clark County, where Las Vegas resides. Many homes loans are backed by the mortgage giants and will be eligible for refinance, said the news source.
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