Some key points on President Obama’s Foreclosure-Prevention Plan:

• Loan terms may be modified by reducing payments for distressed borrowers
• Refinancing for those current on payments, but have little or no equity in their home
• Plan starts right away and is strictly for primary residences that are not vacant or condemned
• Call your mortgage lender for help to see if you qualify
• There are no fees for this type of loan modification 
• To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
• Modification plan are set to end on December 31, 2012
• Loans can be modified one time only

More information is available at http://www.financialstability.gov/docs/counselor_qa.pdf or contact our office at 770.606.0054.

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