Obama's 'Home Affordable Modification Plan' To Keep Homeowners in Homes

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Apr 02, 2010, 12:01 ET

ST. LOUIS, April 2 /PRNewswire/ -- Financial blog, ChristianPF.com released an article discussing President Obama's new plan to help troubled homeowners keep their homes. The plan, called 'The Home Affordable Modification Program' is intended to help prevent qualified homeowners from facing foreclosure. The government will be working with lenders and offering them incentives to lower the principal balances for troubled borrowers.

An excerpt from the article...

From what I see of the plan, it isn't in any way intended to fix all the underwater mortgages. It is merely an aid to help prevent some foreclosures over the next few years. Current estimates are that there will be over 10 million foreclosures in the next three years and the government's Making Home Affordable plan is just a small measure to minimize that number -- but not eliminate it. The plan is supposed to help about 4 million Americans avoid foreclosure. Starting soon lenders will not be able to begin foreclosing until they have determined that borrowers are not eligible for the home affordable modification program.

Read the full article: http://www.christianpf.com/making-home-affordable-mortgage-modification-program/

SOURCE ChristianPF.com