Here is some more information that I believe could useful: Let me know what you think:
The deep contraction in the economy and in the housing market has created devastating consequences for homeowners and communities thought-out the country. While we in the Durango area have not been hit as hard as other parts of the country, efforts being made by congress might benefit some in our community.
The 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 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. The key components of the
Homeowner Affordability and Stability Plan are:
1. Affordability: Provide Access to Low-Cost Refinancing for 4 to 5 million Responsible Homeowners
Suffering From Falling Home Prices
· Reducing Monthly Payments: For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year.
2. Stability: Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners
· Helping Hard-Pressed Homeowners Stay in their Homes: This initiative is intended to reach millions of responsible homeowners. The Homeowner Stability Initiative helps those who commit to make reasonable monthly mortgage payments to stay in their homes – providing families with security and neighborhoods with stability.
· No Aid for Speculators
· Protecting Neighborhoods
· Providing Support for Responsible Homeowners
· Providing Loan Modifications to Bring Monthly Payments to Sustainable Levels: The Homeowner Stability Initiative has a simple goal: reduce the amount homeowners owe per month to sustainable levels.
For more information please see: www.treas.gov.