Obama Announces $75 Billion Foreclosure Prevention Plan

[Kitty2cat]

I tried last year to get a loan modfication and was unsucessful. I was presistant for over 5 months and they said my was just not doing it..

Still i am paying such a high mortgage and would like to prevent going into foreclosure..I read about Obama 75 billion foreclosure prevention plan. I would love to take advantage..

Here is part of the article that i would like to take advantage of but the article is so vague and doesn't say how to go about it.. Does anyone know where or who to speak to?

Part of the program would instruct Fannie and Freddie to automatically approve refinancing at current rates. That change is expected to give 4-5 million people an immediate reduction in their mortgage payments, according to a senior administration official.

Another component would provide government incentives to modify at-risk mortgages to drive down payments. Lenders would be asked to reduce monthly payments to 38 percent of the borrower's income, and then the government would split the cost of reducing that to 31 percent.


Thanks you

[Dan Bailey]

kitty2cat, you may want to refer to the thread that has been posted by *** for this info:http://www.loansafe.org/forum/stop-f...lity-plan.html