6:03 am March 26, 2010, by Henry Unger
What do you think of this latest plan for mortgage relief?
The Obama administration will announce Friday a plan to reduce the amount some troubled borrowers owe on their home loans, Associated Press is reporting.
The effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, AP writes. It would be funded by $14 billion from the administration’s existing $75 billion foreclosure-prevention program.
The plan also will require the more than 100 mortgage companies participating in the administration’s existing foreclosure prevention program to consider slashing the amount borrowers owe. They will get incentive payments if they do so.
It also will include three to six months of temporary aid for borrowers who have lost their jobs.
Will this help you avoid foreclosure?
Should the government be doing this?
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