If your reading this post, you probably know that President Obama introduced a new plan yesterday addressing the housing crisis. There are many pieces to his plan, including loan modifications and refinancing properties that lost value, which target both mortgage lenders, investors, and homeowners.

The article below from yesterday’s edition of the L.A. Times covers the details of the plan:

http://www.latimes.com/business/la-fi-housing-assess19-2009feb19,0,3766720.story?page=1

We will be following this development, and we are working on a step-by-step plan to see if this plan can help you modify your loan and ultimately reduce the daily stress in your life. 

So far, the biggest disappointment in the plan the President introduced yesterday says that your lender still has to ‘AGREE’ to reduce the monthly payment on your mortgage. As we all know, if the lenders were actually agreeable to working with homeowners, this mess would not be nearly as large as it is now.

However, while the President introduced his recommendations, they are just his initial thoughts on how he plans to solve the housing crisis with a home loan modification plan. The actual plan details will be introduced on March 4th. So I do think the President will tweak some of the areas that did not get favorable feedback in the presentation yesterday. Regardless, there is no one solution that will solve everything overnight. Its going to take a series of measures that will slowly bring back the housing industry and the economy overall. In the meantime, mark your calendars for March 4th to see what the actual home loan modification plan will be.

In the meantime, feel free to give us a call if you have questions on your situation and you need some direction. As always, we’re here to help…