Mar. 5, 2009 - The Homeowner Affordability & Stability Plan
Over the last few months I have come across quit a few homeowners who are struggling to keep up with their mortgage payments, but are still current. Whether it was a job loss or an interest rate adjustment that brought about the hardship, people are having to cut back their spending, and in some cases borrow, in order to continue to make their payments.
The Homeowner Affordability & Stability Plan is looking to be a great first step made by the Obama administration. The plan targets homeowners who are struggling to make their mortgage payments but have not yet fallen behind.
Many critics of the plan point out that it is the homeowners who overbought & overextended themselves that are the ones getting the help. In the short term view, they’re right. If you take a step back and look at the big picture, this plan is helping homeowners ultimately avoid foreclosure. Foreclosed homes drag the property values down in the local markets and by preventing them, property values are not harmed.
The Homeowner Affordability & Stability Plan can be view at WhiteHouse.gov and there is a FAQ that provides some good information. A good article on the plan can be found thru the following link. http://rismedia.com/2009-03-04/how-to-help-homeowners-understand-obamas-foreclosure-plan/
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