Plan to Help 9 Million Homeowners

Hi folks, I guess you probably heard the Obama administration's "Homeowner Affordability and Stability Plan" phan. Here the two major components to the program.

• Refinance Program to assists those responsible homeowners who are current on their mortgage payments. You can refinance up to 105% of LTV (Loan to Value). Unfortunately this program will not help many people in my market, especially in the Bay Area, since values are down in half in the last 24 months. In San Jose the house is worth $400,000 and they owe $600,000+.
  
• Modification Program to assist those homeowners who are already behind in their mortgage payments or are facing foreclosure. The loan can modify by:
  - Reduce the Interest Rate
  - Increase the length of the term period of the loan - Reduce the Principle Amount.

To see more details, "read this full guideline"