Some details of the programs include:
1. Both Fannie Mae and Freddie Mac rolled out new programs intended to assist home owners delinquent 90 days or more at a 90% loan to value or more by offering modified loan payment plans to them.
2. The banking industry unveils measures to make home loans more affordable to current home owners who are at risk of falling behind on their payments.
3. Many banks throughout the industry are putting a temporary stop to home foreclosures.
It is expected that there will be a lot of pressure placed on Treasurer Paulson to have the Treasury purchase bad loans and other assets to further drive the recovery effort in the right direction.
How can these new programs be of help to you?
1. If you are behind on your house payments. These new procedures in the industry could offer you some "breathing room." Be sure to work closely and be diligent with your lender. Do your research and find out if you qualify for any of the new modification programs. Visit the HUD website to receive free counseling. Be prepared to accept the reality of admitting financial hardship. If you do not want to work directly with your lender, there are modification companies available that will charge you 3-6 thousand dollars to do the legwork for you.
2. If you are current with your payments, but feel that your are indeed at risk of becoming delinquent, contact your lender and ask about any programs they may offer to assist you to help avoid becoming late on payments. Once again, be prepared to admitting to financial hardship.
3. If you can afford your mortgage, and are current as well, keep in mind that this mortgage bailout plan has been initiated to curb foreclosures and stabilize housing values. Your reward for your diligence will be an eventual increase in the value of your home.
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