The Stimulus Plan was signed into law yesterday, but the housing market was breathlessly awaiting the next shoe to drop, the Homeowner Affordability and Stability Plan that was announced today by President Obama. This Plan is supposed to help 7 to 9 million families restructure or refinance their mortgage to avoid foreclosure. For the first time, the target is not only those that aren’t making their payments on time, but also those that are making their payments on time.

According to the announcement, this plan will provide:

1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affordable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac

You can read the Executive Summary of the plan here. If you have any questions on how this will effect you or need assistance with starting the modification, refinance or beginning the loan process for the purchase of a home, please give me a call or drop me a line today. You can reach me at 541-342-7576 or 866-916-7576. More information will certainly be coming as the plan is rolled out.

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