Homeowner Affordability and Stability Plan

The Obama Mortgage Affordability Plan

 

Recent legislation enacted in February of 2009 will establishes a Federal plan to support homeowners and provides loan modifications to levels affordable to the homeowner. It is designed to help the following:

 

1. Help for people current on their mortgage but owe more than the value of their home;

 

2. Help for people not current on their payments and heading towards a foreclosure

 

They are designed to provide incentives to both the loan servicer and the borrower can receive up to $1000 per year if they stay current on their loan.

 

Guidelines and rules have just been published. This office will quickly review these guidelines so we can provide knowledgeable service to our Chicago and Suburban Illinois clients.

 

From the U.S. Department of Treasury:

 

Executive Summary on the Homeowner Affordability and Stability Plan

 

Three Examples on how the Obama Loan Modification program will work

 

Homeowner Affordability and Stability Plan

Modification Program Guidelines published March 4th, 2009