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The White House Blog: Help for Homeowners
Feb 18th, 2009 - The White House Blog

The White House blog discusses "Questions and Answers for Borrowers about the Homeowner and Affordability and Stability Plan"...

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Home Affordable Modification Program Guidelines

This is the detailed explanation of President Obama’s Loan Modification Plan. To read the plan in its entirety and to view guidelines (qualifications), follow this link:
Modification Program Guidelines (pdf)

President Obama unveiled a new loan modification plan that is aimed at helping millions of borrowers stay in their homes and avoid foreclosure.
The $75 billion dollar relief plan is called The Affordability and Stability Plan and is to be effective March 4, 2009. Will you qualify for this new loan modification program?

Here are some of the requirements that homeowners must meet to qualify:

You must live in the home as your primary residence
Second mortgages are not covered under this plan
You monthly mortgage payment must be 31% or more of your gross monthly income
You must be able to prove your income

For more information on this new plan, please review the following sources: