Phoenix Arizona Investment Property with Oggy Karchev of Realty ONE Group

Barack Obama and Real Estate Market stimulus plan

President Barack Obama's housing plan could help tens of thousands of Arizona homeowners who are facing foreclosure. Here are common questions associated with the plan.

Q: Who qualifies for help from the housing stimulus plan?

Answer: Homeowners facing foreclosure or who owe more on their mortgage than their home is currently worth.

Q: Who does not qualify?

A: People who own but do not live in the home, investors, including individuals or housing speculators who bought multiple houses as an investment.

Q: Do you have to be in foreclosure to get help?

A: No. The plan encourages lenders to work with people before they face foreclosure to adjust troubled loans.

Q: If my home is in foreclosure but I have not lost it yet, can I seek help?

A: Yes. Contact us immediately. People who have already lost their home in Phoenix to foreclosure will not be able to regain their home. But the plan will provide some credit counseling to help people (buyers) find affordable housing.

Q: What if I and Investment property in Phoenix? Can I get help with the mortgage on my Phoenix investment property?

A: No. Even if you own just two and rent out the second home, the plan will not cover homes that are not occupied-occupied.

Q: How soon will this housing stimulus plan go into effect and help out people in trouble here in the Greater Phoenix area?

A: Details come March 4. The plan should be up and operating in a few months. So people could receive help this spring.

Q: How do I know if I have a Fannie Mae or Freddie Mac loan?

A: Call the number listed on your mortgage statement or call at 1-800- 7FANNIE.

Q: Can anyone approach their lender about this plan?

A: Yes. All lenders will have access to funds in the plan. But only those lenders that accept federal funds as part of this plan will be required to abide by its provisions. Some lenders may not participate. Contact us today for details.