Fresh from the recent victory of Healthcare Reform, the President has proposed something to help our homeowners - those who are still looking for work, and those still paying more for their home than it could possibly be worth:
The Obama Administration has announced plans through the Home Affordable Modification Program of 2009 to encourage banks to re-finance troubled loans through the Federal Housing Administration's backed loan program. This will allow the bank to refinance the home loan at no more than 15% more than the actual assessed value of the home. This could allow many homeowners in foreclosure to remain in their homes, even if foreclosure proceedings are under way. Bank of America is one of the area banks participating.
The Obama Administration hopes to help up to 4 million homeowners by the expected end of the program - 2012.
Also, if you are unemployed, the Obama Administration hopes to offer unemployed homeowners a chance to take a break from paying their mortgage while they look for a job for up to six (6) months. Banks would be required to accept no more than 30% of what the unemployed home owner is earning while recieving unemployment compensation.
In related news, the Senate was not successful in extending unemployment and COBRA benefits before the Easter break. As a result the temporary unemployment benefits and COBRA extension may expire March 31, 2010 while lawmakers are out of town for the two week Easter break.
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