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 November 13, 2008

New Bailout Announcements for Homeowners
Citigroup, one of the largest banks in the United States, announced that they would be taking measures to prevent more foreclosures. The company will be reaching out to approximately a half million people, who are not currently in foreclosure, but may be at risk. Citigroup plans to modify their payments in order to help them stay in their homes. For free counseling on this subject make sure to check out the official HUD website.
Government sponsored bailout giants Fannie Mae and Freddie Mac have created a program to help homeowners who are delinquent on their payments for ninety days or more. This would enable the troubled homeowners to reduce their mortgage payments by offering ninety percent loan to value.

This also has some banks declaring that they will temporarily halt foreclosures. President-elect Barack Obama had previously stated that he would put a three month moratorium on foreclosures when he took office, so the good news is coming ahead of schedule.

If you think you may qualify for any of these, please make sure to contact your lender as soon as possible. In all cases, you will have to prove financial hardship and also be prepared to get your hands dirty; there will be a lot of work on your part, but it should be worth it.