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Facts about the Obama administration's foreclosure-prevention plan.*
US Treasury Secretary Tim Geithner says ...
- To create an affordable payment, it can lower your interest rate to as low as 2%.
- Primary residences with outstanding principal balances of up to $729,750 are eligible.
- Homeowners who make timely payments on their modified loan will receive up to a $5,000 reduction in principal.
"We're absolutely committed to make sure that translates into what we said it would, which is for eligible Americans — they're getting permanent modifications that substantially lower their monthly payment…For the average household that translates into hundreds and hundreds of dollars every month for them."**
* Source: "Making Home Affordable" - http://makinghomeaffordable.gov/borrower-faqs.html
** Source: http://blogs.abcnews.com/politicalpunch/2010/02/hamp-champ-what-ever-happened-to-that-obama-mortgage-modification-plan.html
*** Eligibility does not guarantee final qualification and acceptance into the loan modification program. It's a process. Determination of eligibility is the first step.
