Our top story for today details President Obama's plan to halt the soaring rate of mortgage foreclosures nationwide. With its aggressive timetable to begin action on March 4, the plan has three major components:

- provide low-cost refinancing for as many as 5 million Americans who aren't behind on mortgage payments, at least not yet.

- make another $200 billion available for mortgage finance.

- help as many as 4 million distressed borrowers who are behind on their payments or facing foreclosure using $75 billion in Wall Street rescue funds

Considering these elements and the additional components announced in the Stimulus Package - how or will these efforts help homeowners in your local markets?

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Hi, Kayla;

OF COURSE it will help. One thing that happened yesterday was that a bank here, Citizen's Bank (a good sized regional powerhouse) announced that they were stopping foreclosures immediately.

That says to me that the bank thinks it's better to work it out than to throw them out, and that's great progress!

It will help some folks but not those hurting the worst in Boulder County and surrounding areas where many homes are worth a third or more of what they were worth a couple years ago. 5% deficiency won't help very many people who are on the verge of foreclosure or are in the 6 month period before their home is sold out from under them.

The banks in Colorado have not been willing to work with any owners who are up to date in their payments. If they are not 3 months behind it has been a waste of time to try to get help. Homes will not appraise for the amount of the loan they need to refinance because of all the foreclosures in the area.

Ann Mills, Niwot Real Estate, Inc.

HI, Ann;

Up to now, banks are unwilling to help, primarily due tothe government disincentives to banks for doing so; now, they are incented to help, and I am confident that --in coming months-- y9u will see more of them scrambling to do just that.

It's a big problem but we have to start somewhere.

Ann-

Many banks will allow a "forbearance" if you stop paying your mortgage. This is a signed agreement by both parties that does not affect your credit score. it makes sense (to the Lenders) that if you are really hurting you will not be able to pay your mortgage.

With so many foreclosures and non-payments, it makes sense that clients who are current on their morgage will NOT get prioritized.