Today Obama’s plan to help 9 million homeowners goes in to effect as it calls for companies to help struggling borrowers modify their loans.

Incentives for both the homeowner and the lender to modify the loan. With the loan modification their payment will be no more then 31% of their monthly gross income. “This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans,” said Housing Secretary Shaun Donovan.

This entry was posted on Monday, April 13th, 2009 at 12:28 pm and is filed under Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.