If you owe more than your home is worth and are struggling
to keep your home under the current housing crisis, you should know help is on
the way.

       You might be able to modify
and refinance your home under the new Housing Affordability and Stability Plan.

       The new relief
plan will help you pay off your debts faster and eventually prevent further
foreclosures.

      The
two main parts of the program are 1) to help homeowners modify mortgages they
can’t currently pay and 2) to help those who are unable to refinance their
mortgages due to a decrease in the value of their home.

     It is also intended
to help borrowers who owe more than 80 percent of their home’s value to
refinance their monthly payment. The government expects about 5 million
homeowners will benefit from this.

  
We’ve answered a few questions you may be having:

Do I qualify?

    This is only
intended for those of you who commit to stay in your homes.

I’d like to refinance my mortgage:  

    If your mortgage is owned or guaranteed by Fannie Mae
or Freddie Mac, you may able to refinance into a 30 or 15 year fixed-rate
mortgage.

   Your mortgage must not exceed
105% of the current market value of the property. The current price of a
property will be determined once the refinance application process starts. 

I'd like to modify my loan:

     Banks may be
given incentives to modify existing loans so that you are better able to meet
your obligations.

  
Hire a lawyer
experienced in this subject in order to be assured that the new plan is
adjusted to your financial conditions, and is not only an agreement that will
postpone the foreclosure by some months.