Hundreds of Kansas Citians could stay in their homes with the help of President Barack Obama's new housing plan, experts said.

Obama's $75 billion plan seeks to prevent up to 9 million Americans from losing their homes.

The plan, which goes into effect in two weeks, aims to aid borrowers who owe more on their mortgages than their homes are currently worth and borrowers who are on the verge of foreclosure.

Program Details Released

The program creates guidelines for the mortgage industry that encourage lenders to modify mortgages on primary residences.

The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.

The package will offer government cash to get mortgage companies to cut interest rates, and therefore monthly payments, for people in danger of losing their houses.

Who Will Get Help?

Homeowners who've already been foreclosed on won't be helped by the plan.

To qualify, lenders must have their home loans through a participating lender. The biggest lenders, Fannie Mae and Freddie Mac, will participate.

Other lenders that have to participate include banks that have taken bailout money.

The government hopes other banks also will decide to participate, but those banks have a few weeks to decide.

The plan doesn't take effect until March 4.

"We're not talking about folks losing their homes who are bad bill payers or who basically don't do anything wrong," said Danny Rotert, a spokesman for Rep. Emanuel Cleaver, D-Mo. "We're talking about folks who are just suffering like the rest of us are with a bad economy and getting in over their head with a home loan, and so this program really should help out."

Homeowners Can Take Steps Now

If a borrower's lender participates in the plan and the borrower qualifies for it, the lender should inform the borrower.

Lenders who think they might qualify are encouraged, though, to begin getting financial paperwork such as tax returns and other documents in order so they can take advantage of the program as soon as it is available.