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Home foreclosure help: how will plan work

Originally reported on Chicago Tribune

President Barack Obama unveiled a $75 billion federal plan to ease the epidemic of home foreclosures on Wednesday, casting it as not just a bailout for as many as 9 million homeowners but a means for ending the downward spiral of the economy. Here’s what’s in Obama’s plan for you:

Q: Who will benefit from this plan?

A: The plan is designed to help two kinds of homeowners. The first are homeowners who took out prudent mortgages with a substantial downpayment but whose home value has declined so much that they have little or no equity left. The second group are those who are struggling to make their payments – perhaps because of a job loss or perhaps because of an ARM reset – but who have enough income to continue to make mortgage payments that amount to 31 percent of their income.

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  1. February 19, 2009 at 11:27 pm

    Here is a link to a commentary on the government’s proposed mortgage bailout program that you might find interesting  http://tinyurl.com/ckw7y4

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