Last Tuesday, President Obama, through Treasury Secretary Timothy Geithner, laid out his plan to help homeowners who are facing foreclosure – either because they are already behind in their monthly mortgage payments or because they are about to be. The plan is designed to help homeowners who are having difficulties paying their mortgage payments on their PRINCIPAL RESIDENCE. The plan has two options for ailing homeowners:
Refinancing – for those who are current on their loan and the value of the home is close to what is currently owed on it, OR
Modification – for those who are struggling to pay their monthly payments due to an increase in their interest rate or because of a reduction in income
Facing foreclosure?
Last Tuesday, President Obama, through Treasury Secretary Timothy Geithner, laid out his plan to help homeowners who are facing foreclosure – either because they are already behind in their monthly mortgage payments or because they are about to be. The plan is designed to help homeowners who are having difficulties paying their mortgage payments on their PRINCIPAL RESIDENCE. The plan has two options for ailing homeowners:
To see if you qualify for a loan modification or for a refinance, check out the Making Home Affordable website.