The Obama administration recently outlined a mortgage plan, for responsible homeowners, aimed at helping families in distress to avoid foreclosure. Here is an excerpt from a statement released by the U.S. Department of the Treasury on March 4, 2009, outlining the intent of the plan.
“Only two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan,” HUD Secretary Shaun Donovan said. “This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America’s housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans.”
This is an important part of President Obama’s plan to reduce the number of foreclosures in this country. It could help you save your home by showing you how to acquire refinancing or a modification of your present home loan that will substantially reduce your monthly payments. If you are interested in finding out more about this plan, I would suggest that you contact an appropriate agency in your area to discuss the details as they specifically apply to your situation. How do you find that agency? Go to HUD Government Offices. There will be information on this site to show you how to start the process by putting you in touch with a loan counseling service for your state. These services are free to you and paid for by HUD. There is no need to pay any private company to do this for you; you can do it all for yourself. But you must take the first step.
There is so much good information on line to help you. If you go to Financial Stability, this site, while still under construction, already has many links with good resources and valuable information for homeowners. At the bottom of the site will be links to recent press releases and statements, one of which on 03-04-09 inspired this blog.