Obama is offering economic relief to millions of home owners with his Foreclosure Plan as part of his economic stimulus package. The plan works on several levels.
1. Provide increased support for Fannie Mae and Freddie Mac so that banks can offer lower refinancing rates for home owners.
2. Create stricter mortgage guidelines to prevent predatory lending and to help those who have been victims.
3. Create regulations to lower interests rates
With this new plan, home owners who have been unable to renegotiate a loan modification in the past should reconsider renegotiating. If you were unsuccessful in renegotiating your own loan modification, please refer to our articles on how to write a letter or hardship or get some negotiation tips.
If you are facing foreclosure, now is the best time to reconsider refinancing or getting a loan modification. Times are tough and you may be laid off, however, the attorneys at McFarlin & Geurths are professional and trained in helping home owners like you to save your home from foreclosure. We have a dedicated staff who understand your struggles and will do anything to help you save your home.