Under President Obama new plan about homeowners mortgage, will I be able to lower my current mortgage?
Under the President’s new plan, your mortgage payment can be lowered to 31% of your current gross monthly income by a modification to your mortgage. This can be accomplished in several ways, a reduction in interest, change in the term of the loan or a reduction in principal (rare). The details of the plan will be available on March 4th. The banks that received TARP funds will be required to do loan modifications. I suggest you hire a reputable loan modification specialist to help you negotiate the best possible workout for you.
