Homeowner wants to defer mortgage

CNN’s Gerri Willis and John Simons, senior personal finance editor at Black Enterprise Magazine, answer a question about mortgage deferment from a homeowner. The Arizona homeowner, who lost his job in January, owes $650,000 on a home that is now worth $258,000. Simons said the homeowner is probably eligible for some of the federal government’s current mortgage modification programs for loans underwritten by Fannie Mae or Freddie Mac.