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Obama Unveils Mortgage Plan

New guidelines outlined in the Obama plan should help some homeowners. They would allow those who owe up to 105percent of the current value of their home to qualify for a new loan backed by Fannie Mae or Freddie Mac, the federal institutions that own most mortgage loans in the United States. Also, there would be no prepayment penalties.

Speaking to reporters Wednesday in Mesa, Treasury Secretary Tim Geithner said those provisions should help 4million to 5million homeowners refinance and save them $2,300 per year in mortgage payments.

This program would primarily help those who are making payments on time but could be in danger of defaulting in the future. Thus it is designed to be proactive - preventing problems before they happen.

Unfortunately, real-estate brokers say this program is not likely to help many homeowners in Arizona - or in Nevada, Florida or other areas that are hardest hit by the foreclosure crisis. That's because home values in those areas have declined so far that many homeowners are too far under water - they owe much more than 105percent of the current market value of the house.

Also not qualifying are those with "jumbo" mortgages above $410,000.

"Having borrowers continue to pay into a bad loan, even with reduced payments, takes away money they could be using to start over," said John Berlau, director of the Center for Investors and Entrepreneurs at the Competitive Enterprise Institute, a non-profit, non-partisan public policy group.

"The redefault rates from existing government-backed loan modification programs indicate that they are often ineffective. And in the case of borrowers facing job losses, staying in one's home while being saddled with a mortgage can delay the necessary step of moving to an area with more job opportunities," he said.

If you have decided to "Bailout" of your present over encumbered property, you can with the help of the Wilshire Holding Group, Inc.