WILL PRESIDENT OBAMA? NEW FORECLOSURE PLAN HELP ME!

We have all heard on the news lately the new law that? coming in March 2009.

Let me take this opportunity to help explain how this new law might mean to you and your family.

First, you must understand that there is no new law yet and or details yet. There has been promise that on March 4, 2009 additional details will be given, but below are what we know or anticipate from the information available.

Second, not everyone who needs help will get it. While some homeowners who owe more than their house is worth will get help, many of those who are most severely "under water" in their mortgages won't be bailed out.

Third, minimum requirement to qualify under HASP the house must be your primary residence, your mortgage payment must be greater than 31 percent of your monthly gross income and your loan must not exceed current Fannie Mae and Freddie Mac loan limits.

Multi-unit owners of single real property maybe eligible as long as they live in one of the units as a primary residence.

Most importantly! Only first mortgage is eligible for a modification.

What does this mean to you? Well this means that individual homeowners will still need to utilize different strategies the Law offices of Steven P. Chang developed and mastered to either reduce or eliminate your second mortgage -- since this new HASP program still will not have any effect on the second mortgage.

If you have not consulted Law Offices of Steven P. Chang, call us now. Saving your house is our primary objective.