On Wednesday, February 18th, President Obama plans to outline his plan to help subsidize mortgages in his attempts to try and slow the massive foreclosure hitting the US. With the huge increase in housing foreclosures this past year and the expected amount for it to continue to increase, President Obama has been working with banks to try and find a resolve to the decaying real estate problem.
Government controlled Fannie Mae and Freddie Mac and other banks, such as JP Morgan, Bank of America, and Morgan Stanley said that they would be halting all foreclosures through March 6th. The planned halt is for only primary residences and does not pertain to investment properties. Fannie and Freddie, which guarantees about 50% of US homes, have had a halt since the holidays and will most likely continue longer, as it is currently controlled by the government.
This is big news for loan modification and for your ability to modify or refinance your home loan. With the government continually pursuing options to help battle home foreclosures, banks are more able to work with you and your mortgage to find a suitable payment situation for you. Find out why NOW is the best time to consider modifying your loan! CLICK HERE
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