On February 18th, 2009, the Obama housing plan was unveiled to the world. This plan, known as the Homeowners Affordability and Stability Plan, was created to tackle the problem of so many American people going into foreclosure on their homes. But what exactly is the Obama housing plan and how can it help me if I am in danger of foreclosing on my home.

The Obama housing plan aims to help out over nine million home owners who are in danger of losing their houses because the recent economic downturn has hurt them so much. The Homeowners Affordability and Stability Plan is a 75 billion dollar that has been bankrolled by Housing and Economic Recovery Act, a part of the 700 billion dollar economic stimulus package that Obama signed in the law last year.

That’s all well and good but how can Obama’s housing plan help me out? If have been able to keep up with your mortgage payments but have been unable to refinance your home, then you are in luck, because the Obama housing plan with work with the lenders to help you refinance you home into a new 15 to 30 year plan.

The Obama housing plan is specifically designed not to help out what are being referred to as ruthless lenders, who could pay off their mortgages, but decide to default on them instead.

Also, those who are in debt for more than 105% of their homes worth are not going to be helped by the Obama housing plan either, as they are seen as too far gone to help.