Basic Facts about Obama's Homeowner Plan

- How It Affects Homeowners in The Ogden Utah real estate market -
by Diana Russell, an Experienced Expert in the Ogden Utah real estate market

Obama found himself caught in the middle of an economic crisis immediately upon being elected to office, and one of his first tasks was to address the housing problem in America.

At the end of 2008 there were approximately one out of every ten mortgages in delinquency.  The housing act was introduced to lessen the amount of foreclosures in the foreseeable future.

Here are a few main points of the act that can help homeowners in the Ogden Utah real estate area keep their homes.

#1 In the Ogden Utah real estate market, homeowners are given help to refinance their mortgages

#2 Incentive plans have been put in place and offered to lenders that will modify the mortgage terms for people that have taken loans.

#3 The Ogden Utah real estate homeowners' principal balance cannot be more than 729,750 dollars.

#4 Loans must have been taken out before January 1, 2009.

#5 The mortgage payments will be reduced to 38% of the person's monthly income. The government will further reduce these payments down to 31% with a subsidy.

#6 Loans can be brought down by reducing the interest rate to 2%, reducing the principle or by extending the length of the loan.

Many homeowners in the Ogden Utah real estate market have been able to keep their homes on account of this act. It has not been able to help everyone, but the majority of the Ogden Utah homeowners that qualify have been accepted and able to keep their home. It is important to remember that this act was not designed to save all homeowners, but rather as a blanket solution to help many and save the economy.

There are a lot more details regarding this act, and if you have any questions you should talk to your Ogden Utah real estate agent. He/she can explain your options and help you make any necessary decisions about your home in the Ogden Utah real estate area.