Published: Oct 24, 2011 10:33 PM EDT
Updated: Oct 24, 2011 11:27 PM EDT

LAS VEGAS, Nevada- President Obama is betting on a new plan for struggling homeowners that could help to lower interest rates. He unveiled the ideas in Las Vegas which has fallen victim to the economic downturn with sluggish home sales.

Here in Southwest Florida, Al Palo thinks the President's plan makes sense. He and his wife have had trouble paying their mortgage after unexpected surgeries.

Under the new plan, loans issued under Fannie Mae and Freddie Mac could be refinanced to a much lower interest rate.

"That would save the average homeowner two grand a year. That may be the difference between staying in the house and not staying in the house," said Vice President Joe Biden.

"Sure it'll help a lot of people. Yes, that's terrific. I'll do that tomorrow!" said Palo.

It could help up to a million out of the 11 million Americans who owe more than their home is worth. But you'll only qualify if your loan was issued under Fannie Mae or Freddie Mac.

"If this works it would help a lot of people here in Southwest Florida," said Eddie Felton with the Homeownership Resource Center.

He is unsure of whether we'll see any impact, and tells homeowners to act fast using this program, or something else.

"Don't wait for this program to come about. Go out try to seek assistance now," said Felton.