On Feb. 19, President Obama is expected to announce a $1.5 billion program to prevent foreclosures for unemployed and/or underwater home owners in the hard-hit states of California, Arizona, Nevada, Florida, and Michigan.
The program also will assist home owners prevented by second liens from getting loan modifications.
This is the second time the administration has tried to make the Home Affordable Modification Program (HAMP) more effective.
Source: CNNMoney.com, Tami Luhby (02/19/2010); National Association of REALTORS®
