How You Can Get Help with Your Mortgage - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

3-5-2009

How You Can Get Help with Your Mortgage

It's aimed at helping ten million struggling families stay in their homes. The Obama administration's foreclosure plan is officially underway.

To qualify for the first part of the plan, which would give 75 billion dollars in incentives to buyers and lenders, you must not be able to pay your mortgage because you are making less money, you are going through some hardships or your interest rate increases.

The second part of the plan wants to help homeowners refinance to lower rates. There is a catch though-your home loan must be held by Freddie Mac or Fannie Mae.

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