President Obama announced a new $75 billion Home Owner Affordability and Stability Plan intended to help responsible homeowners who are experiencing financial hardship and may be at risk of losing their homes to foreclosure. Specific Details are not yet available for this program. Details are scheduled to be announced sometime in March.
For now this is what we do know.
WHAT DOES THE PLAN DO?
Through a variety of measures, the plan seeks to help as many as 9 million Americans avoid foreclosure by restructuring or refinancing their mortgages.
WHOM WILL THE PLAN AFFECT?
The program is intended to help responsible homeowners who are experiencing financial hardship and may be at risk of losing their homes to foreclosure.
WILL THE PROGRAM APPLY TO ALL BORROWERS?
Participation in the program is voluntary for both loan servicers and borrowers. Once additional terms of the government program are confirmed, lenders will be in position to analyze the loans they service to determine if the borrowers qualify for the program.
WHERE CAN CONSUMERS FIND OUT MORE ABOUT THE PLAN?
Consumers can contact their mortgage servicer or receive more information online at the United State-Department of the Treasury home page at ustreas.gov
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