The Obama Administration's lifeline to beleaguered homeowners has been unveiled today on two government-run websites: http://www.hud.gov/ and http://www.financialstability.gov/.
The "financial stability" website is intended to aid homeowners who are not delinquent on their payments as well as those who are delinquent.
Many of those who are making on-time payments will be able to refinance into lower-interest rate fixed mortgages. Those who are delinquent may be eligible for loan term modifications that will make their monthly payments affordable.
The guidelines for "Making Home Affordable" refinances and loan modifications may be found here. (More details on "Making Home Affordable" from the Los Angeles Times can be found here.)
More than any single measure, the "Making Home Affordable" program will help those in Southern California impacted by falling home values and rampant unemployment. Look for an unprecedented waves of refinancing in the upcoming weeks and months.
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