Obama's $75 million Home Affordability and Stability Plan is a rescue attempt to save the plummeting housing market. The President has the conviction that by restructuring their mortgages, homeowners who are struggling to make ends meet, will be able to save their homes. This initiative comprises of two parts:
1. Home Affordable Loan Modification - refinance program - this program helps homeowners to refinance loans that went upside-down because of the tumbling property rates.
2. Home Affordable Loan Modification program - this program is designed to reduce mortgage installments for people facing foreclosure by modifying their mortgages, and reducing payments.
Many homeowners are
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