Obama Mortgage Help: For You?

Are you eligible to get help on your mortgage from President Obama? Read below to find out.

Obama is planning to put $50 billion into programs that will help homeowners who are behind on payments and facing foreclosure.

The administration hopes to help thousands of struggling families stay in their homes during these tough economic times.

The money for homeowners will come from the TARP funds, that famously or infamously were used to bail out big business at the peak of the financial crisis.

According to a spokesperson, this program "will expand flexibility for mortgage servicers and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth because their local markets saw large declines in home values." For more information see below.

Obama Mortgage Help: For You?
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The Obama administration announced a plan on Friday to offer more ways to help struggling homeowners remain in their homes. The federal funding is slated at $50 billion for anti-foreclosure housing programs and is coming from the Troubled Asset Relief Program (TARP). The administration statement said that "responsible homeowners," would benefit if they "have been affected by the economic crisis through no fault of their own."

Obama Mortgage Help: For You?