Wednesday, March 4, 2009

White House releases money for distressed homeowners

The Obama administration Wednesday began providing relief to distressed homeowners as part of its $275 billion housing stimulus plan.

Approximately is allotted to the $75 billion mortgage modification plan, which requires borrowers to show hardship before receiving funds.

Homeowners with mortgages on about 8.3 million properties were in distress at the end of 2008 and more trouble is on the way, First American CoreLogic said.

The housing market continues to flounder as prices sag and buyers in most areas are scarce. There are still many homeowners with adjustable rate mortgages that will reset sometime in the future resulting in significantly higher mortgage payments.

US launches $75 bln mortgage plan to aid homeowners

Reuters - ‎1 hour ago‎
By David Lawder and Lynn Adler WASHINGTON/NEW YORK, March 4 (Reuters) - The Obama administration on Wednesday launched a $75 billion foreclosure relief plan, as new data showed one in five US homeowners with mortgages owe more than their house is worth ...

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