Details of Obama's Housing Plan

This week, the finer details of the Obama Housing plan have been released.

If you are seeking to refinance or find yourself teetering on the edge of going under financially, waste no time in seeing if this plan can help you.

$75 billion will fund this strategy to keep 9 million homeowners out of foreclosure. Here’s who it will help:

Primary homeowners who are having a hard time paying their mortgages and homeowners who have not been able to refinance due to decreased property values.

If your loan is owned by Fannie Mae or Freddie Mac, you will be potentially able to refinance at current interest rate levels regardless of equity position. This will lower your monthly payment and hopefully provide relief. In order to refinance, homeowners must be current on their existing loans.
To find out if you are eligible for refinance contact:

- Fannie Mae at 1-800-7FANNIE , online at (www.Fanniemae.com)
- Freddie Mac at 1-800-FREDDIE, online at (www.freddiemac.com)


Also, please call your mortgage service provider to get more details as they pertain to you.

For more information on what you can do to modify or refinance and are not sure how Fannie Mae or Freddie Mac pertain to your loan, please visit www.financialstability.gov), that’s www.financialstability.gov).