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 Greeley Colorado and Weld County keep their homes.

#1 Greeley Colorado and Weld County 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 Greeley Colorado and Weld County 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 Greeley Colorado and Weld County have been able to keep their homes on account of this act. It has not been able to help everyone, but the majority of Greeley Colorado and Weld County 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 Greeley Colorado and Weld County real estate agent. He can explain your options and help you make any necessary decisions about your home in Greeley Colorado and Weld County.

If you need more free information about selling, buying or investing in Greeley Colorado and Weld County real estate feel free to contact Marc Oster. For complete information about the Greeley Colorado and Weld County 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 Greeley Colorado and Weld County real estate needs at www.greeley-weldcountyhomesforsale.com. 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 9703021233 or email me using the form below.

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