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Mortgage Help Available To Homeowners

Program Designed To Help Homeowners Stay Out Of Foreclosure

President Barack Obama has a plan to help struggling American homeowners stay out of foreclosure.

The new program is called "Making Home Affordable."

The government will spend $75 billion to help as many as 9 million homeowners avoid foreclosure.

Borrowers can change the terms of their mortgage if the loans were made before Jan. 2, 2009.

A single-family home must be worth less than $730,000, and borrowers must provide a signed affidavit of financial hardship.

Critics have said it rewards people who bought homes they knew they couldn't afford.

The government-backed mortgage lenders, Fannie Mae and Freddie Mac, have not yet spelled out how they will implement the plan, and there is concern that any refinancing could carry crippling fees.

For more information, click here.

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