Obama Foreclosure Rescue: Refinance and Modification
Perhaps you have read some of the many reports from Washington, including the one about President Obamas foreclosure rescue programs. The information can be overwhelming, which is why I am writing this article in hopes of minimizing the confusion by explaining the highlights as I understand them. It has been estimated by the government that Obamas plan will help up to 9 million people who are facing foreclosure. Though this may sound like a lot, realize that the Mortgage Bankers Association reports that there are about 51 million first mortgages in the US; therefore, only about 18% will qualify for this program which began in March of 2009. Following is a summary of a complex program; more information can be found at financialstability.gov, a US Government website.