Obama to Expand Housing Plan

The Obama administration is expected to announce Tuesday that it is expanding its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages.

During the housing boom, lenders readily gave out "piggyback" second loans that allowed consumers to make small down payments or avoid fees entirely. While home prices soared, such mortgages were even extended to borrowers with poor credit scores and people who didn't provide proof of their incomes.

But those loans, which are attached to about half of all troubled mortgages, have proved an obstacle to efforts to alleviate the housing crisis. That's because borrowers who are trying to get their primary mortgage modified at a lower monthly payment need the permission of the company holding the second mortgage.

The new plan aims to get rid of that roadblock, said two senior administration officials, speaking on condition of anonymity because the details were not yet public.
Read the rest at MSNBC

New Housing Plan Site: MakingHomeAffordable.gov

The site allows you to see if you are eligible for loan modification and offers refinancing information.
From the White House:

At midnight last night the Treasury Department took a great step to ensure that everybody who can take advantage of the President housing plan can do so, helping to put the brakes on the foreclosure crisis, launching MakingHomeAffordable.gov – a site where you can find out everything you need to know about the President’s plan and whether you qualify.

Hotline:

Yesterday Marketwire reported that the Homeowner's HOPE Hotline (888-995-HOPE) is being overwhelmed with calls – more than 124,000 homeowners have called in looking for help since the President announced his housing plan.