Obama’s Homeowner Affordability and Stability Plan is part of the President’s broad, comprehensive strategy to get the economy back on track. The plan will help up to 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure. In doing so, the plan not only helps responsible homeowners on the verge of defaulting, but prevents neighborhoods and communities from being pulled over the edge too. It will enable up to 5 million families to refinance their mortgage to lower their payments through conforming loans owned or guaranteed by Fannie Mae or Freddie Mac. It will allow Judicial Modifications of Home Mortgages During Bankruptcy for Borrowers Who Have Run Out of Options. It will provide $1.5 Billion in Relocation and Other Forms of Assistance to Renters Displaced by Foreclosure and $2 Billion in Neighborhood Stabilization Funds. It will improve the “Flexibility of Hope for Homeowners” and Other FHA Programs to Modify and Refinance At-Risk Borrowers.
The President’s plan is to reduce foreclosures and thus stabilize and ultimately strengthen the housing market. Once foreclosures are reduced the prices of homes in Phoenix and Scottsdale will begin to rise.
View currently available Foreclosures on our website www.ThePhoenixExperts.com. Call me to begin your Phoenix home search today. Everyone knows that current real estate prices in Phoenix are only temporary.
Marc Brodeur, Realtor
www.ThePhoenixExperts.com
