New Foreclosure Plan To Save Homeowners
The Foreclosure Plan created by the new administration aims to save up to 9 million homeowners. The plan will help those with mortgages modify certain parts of their loan in order to decrease the payments while making it easier for homeowners to refinance in order to jumpstart the housing market as the economy as a whole.
The plan also aims to prevent predatory lending by limiting mortgage payments to 31% of a homeowners income max. This will be a significant step towards preventing another mass foreclosure situation.