Some key points on Obama’s foreclosure-prevention plan:  

• Loan terms may be modified by reducing payments for distressed borrowers
• Refinancing for those current on payments, but have little or no equity in their home
• Plan starts right away and is strictly for primary residences that are not vacant or condemned
• Call your loan servicer for help to see if you qualify
• There are no fees for this type of loan modification 
• To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
• Modification plan ends on December 31st of 2012
• Loans can be modified one time only

More information is available at financialstability.gov You can also visit my St. Louis Real Estate Listings resource, or call me at 314 267 2636.   Russell

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