Obama found himself caught in the middle of an economic crisis immediately upon being elected to office, and one of his first tasks was to address the housing problem in America. At the end of 2008 there were approximately one out of every ten mortgages in delinquency. The housing act was introduced to lessen the amount of foreclosures in the foreseeable future. Here are a few main points of the act that can help homeowners in keep their homes.

#1 homeowners are given help to refinance their mortgages

#2 Incentive plans have been put in place and offered to lenders that will modify the mortgage terms for people that have taken loans.

#3 homeowners' principal balance cannot be more than 729,750 dollars.

#4 Loans must have been taken out before January 1, 2009.

#5 The mortgage payments will be reduced to 38% of the person's monthly income. The government will further reduce these payments down to 31% with a subsidy.

#6 Loans can be brought down by reducing the interest rate to 2%, reducing the principle or by extending the length of the loan.

Many homeowners in have been able to keep their homes on account of this act. It has not been able to help everyone, but the majority of homeowners that qualify have been accepted and able to keep their home. It is important to remember that this act was not designed to save all homeowners, but rather as a blanket solution to help many and save the economy.

There are a lot more details regarding this act, and if you have any questions you should talk to your real estate agent. He can explain your options and help you make any necessary decisions about your home in .

If you need more free information about selling, buying or investing in Columbia South Carolina real estate feel free to contact . For complete information about the real estate market, including the most recent homes for sale, current property values and more, please visit the most complete online website dedicated to meeting all of your real estate needs at . Do not hesitate to contact me anytime with any of your real estate or mortgage related questions and I will be happy to answer your them for you. Call me on my cell at or email me at .