The Home Owner Affordibility and Stability Plan is part of President Obama's Stimulus Package.  This plan begins March 4, 2009 and is intended to help families restructure or refinance their mortgages in order to avoid foreclosure.  Click here for questions and answers about this plan.  Complete eligibility details will be announced when the program begins.

If you are a homeowner struggling with your mortgage then it is very important for you to take advantage of this plan!  Gather all of the necessary information that you will need to provide to your lender.  This information should include, recent income tax returns, income verification for all borrowers on the loan and all other debt that you are carrying. 

In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan does not exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.