To help out on States that were slammed hardest by the real estate market, President Obama has approved more plans to help homeowners.
The program is going to 5 States, California being the largest, which will get $700 million to assist 46,000 borrowers. The choice of States was established by which ones had highest unemployment and/or had seen a drop of 20% in home values.
What effect will this have if you have San Diego real estate and are underwater?
California will receive $699.6 million to implement a plan that includes earned principal forgiveness, funds to address delinquent loan arrearages, mortgage payment subsidies to unemployed families, and funds to help families find housing after executing a short sale or deed-in-lieu of foreclosure.
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