Do you qualify for a new mortgage?
Thursday, March 5, 2009
, Posted by IM SD at 8:21 AM
By Mercury News staff and wire services
Posted: 03/04/2009 05:49:33 PM PST
The Obama administration's new mortgage relief plan, launched Wednesday, aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes.
Are you one of them?
While many in Silicon Valley have mortgages too big to qualify, others could see some relief. Here's a look at how the program works:
Q What does the plan do?
A It has two parts: First, it makes refinancing easier for those who are able to make their payments but pay a high interest rate and would otherwise not qualify because they do not have enough equity. Second, it encourages lenders to make loan modifications by providing $75 billion in incentives to alter the terms of loans.
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