Please feel free to have an open discussion about these very important issues affecting Main Street. Meaning, you and I. Please make your voice heard and have an intelligent debate. 
Turn on the TV today, and there’s a pretty good chance you’ll hear the line, “and I approve this message.”
Yes, we’re in the heat of one of the most competitive Presidential campaigns in modern history, with more advertising spend than any previous election. While it is possible to gleam information from these ads, as well as following cable news, chances are that the candidate’s economic positions are less than clear at this point.
As a result, we wanted to provide you some insight into the candidate’s plans to address the housing market crisis, so you can make more informed political and economic choices going forward.
Whether you are a homeowner facing foreclosure uncertainty, or you just want to make sure the economy gets turned around as quickly as possible, this is an important election for the future of this country.
As usual, we are advocating for you and are independent on the race itself - we know that our readers make smart, informed choices.
First, we want to take a look at Senator Obama’s economic plan to homeowners. Obama and Biden’s plan aims at both improving the flow of information to potential borrowers, as well as providing tax relief to certain mortgage holders.
Broadly outlined, there are four elements of Obama’s homeowner plan:
I) Give More Options to Homeowners Forced to Declare Bankruptcy
As part of Obama’s plan to assist distressed homowners, the Senator is proposing to allow bankruptcy court judges to adjust mortgage payments for those who are forced to declare personal bankruptcy. This plan aims to allow those who are bankrupt to have some breathing room so that they can work out of their current debt, while maintaining in their home in a modified payment plan.
Currently, bankruptcy courts are unable to modify existing loan contracts without express approval of the lender, which limits the options of individuals in bankruptcy. Senator Obama believes that extending this provision will help the courts protect borrowers from lenders who offer deceptive lending practices, especially those with escalating interest rates over time (initiated by lower “teaser” rates.)
II) Tax Benefits for Mortgage Holders
Currently, millions of home owners qualify for tax help based upon homeownership but do not benefit because they have not itemized their deductions. As a result, Obama is seeking to provide a much simplified tax credit to these homeowners, which will allow many families to get several hundreds or thousands of dollars of tax relief, at an average of $500 per family. This provides benefits to those who may not employ an accountant to help them with their tax return, or might have failed to get all of the tax benefits under a more complex tax code.
III) Help Potential Mortgage Borrowers to Understand “True” Loan Costs
Senator Obama plans to establish a HOME (Homeowner Obligation Made Explicit) score which will create a “real” APR based upon fees and total costs of home loan borrowing.
IV) Increase Regulation of Sub prime Mortgage Industry
Under Obama’s proposed Stop Fraud Act, the federal government will have greater leeway to prosecute lenders for deceptive practices by introducing stiffer penalties for fraud.
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Foreclosure Fighter Obama Says, “Allow Bankruptcy Court Judges to Modify Mortgage Payments” | Loan Modification & Home Loan News 
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