Wednesday, February 18, 2009

President Obama unveils $75 Billion Mortgage Relief Plan

In his speech at a high school in Phoenix Arizona, President Obama told Americans, “The American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods,” he said. “While this crisis is vast, it begins just one house and one family at a time.”

Home owners don't need to be delinquent to apply for help - but the mortgage must be owned by Fannie Mae or Freddie Mac to be eligible.

I sent an e-mail to the White House requesting clarification on how a homeowner goes about determining who owns their mortgage. I will post the information as soon as it is available.

Meanwhile, for additional information, please visit Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan from the U.S. Department of Housing and Urban Development.

or see FAQ on Foreclosure Plan posted on Anderson Coopers' blogs:

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