There is no way to cover this in one shot. There is a lot to be said, especially to homeowners currently in foreclosure. The Miami Herald has a nice write up on the new Treasury guidelines. The upshot:
“Off the bat, more than 294,000 South Florida borrowers won’t qualify under the plan’s refinance provision, according to an analysis by Zillow.com, because they owe more on their first mortgages than allowed under the plan. Only borrowers who owe between 80 and 105 percent of the current market value of their property with loans owned or backed by Fannie Mae and Freddie Mac are eligible.”
So unless you have a Fannie or Freddie mortgage, it’s tough. I plan on getting more into the specifics of the plan and maybe find some good news. However, what I tell all of my clients does not change – you cannot be apathetic. If you lay down, the mortgage company will roll over you and take your home.