The Obama Administration and U.S. Treasury released more details on the Homeowners Affordability Plan today. The plan is meant to assist responsible homeowners that are in danger of entering foreclosure or going "under water" by lowering their monthly payments.
YourCreditCompany.com is dissecting the plan and will bring you specific details on plan, which goes into effect immediately. You can find the plan here, and read it for yourself to determine if you qualify or how it might affect your business.
We highly reccomend reading the text. Thus far the television coverage has just scratched the surface of what the plan entails. We can tell you that there are requirments that homeowners will have to meet. Homeowners will have to provide some documentation and will have to show hardship. The lender/servicer that carries your mortgage will also have to participate in the program, however if your home is serviced by Fannie Mae, Freddie Mac, or certain banks that took TARP funds will be required to participate in the plan.
Look for more details tomorrow!
Matt Kemper
YourCreditCompany.com
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Wednesday, March 4, 2009
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