Economic Stimulus Package Pushes Loan Modifications

Lenders are being incentivized by the economic stimulus package to provide mortgage help to homeowners at risk of loosing their homes and financial stability.

"Keeping Americans in Their Homes"

The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value. The Making Home Affordable Modification program has a $75 billion commitment to support loan modifications so that up to 3 to 4 million borrowers at risk of foreclosure can keep their homes. President Obama's programs to prevent foreclosures will help bolster home prices and will provide direct support to up to 9 million homeowners to refinance for lower payments or have their mortgages modified to prevent foreclosure. President Obama also launched MakingHomeAffordable.gov, where borrowers can learn basic facts about mortgages, homeownership, and resources available. (source... WhiteHouse.gov)

Other Economic Stimulus Package Resources

• "Protecting Homeowners, Protecting the Economy" - from the Whitehouse blog
• American Recovery and Reinvestment Act of 2009 - Wikipedia
• Obama Signs Stimulus Bill - C-SPAN