Can the housing bailout help you?

What President Barack Obama, the housing plan of salvation for you?

Perhaps, the lower house payments and not just for those already in default.

"All we are paying the price for the home mortgage crisis," Obama said on Wednesday announced the program during a ceremony at the Phoenix-area schools.

Housing construction had devastated the nation into recession. Construction of houses and applications for future projects, as loaded on a record low in January, as all parts of the country, showed a large decline in construction. Analysts strengthens the hope that out of state programs, including measures to curb the foreclosure, help stop the slide.

Headlining Obama effort is a $ 75 billion a homeowner affordability and sustainability of the plan, which will provide a set of incentives for creditors to reduce monthly payments for mortgage sustainable levels.

Another key component: a new program aimed at helping homeowners who are "underwater" - who owe more on their mortgages than their house is worth. Such mortgages are traditionally almost impossible to refinance. But the White House said its plan would help 4 million to 5 million families to do just that.

Here are the changes likely to affect you.

Refinance even if you are 'underwater'
Mortgage rates to nearly record lows to make payments more manageable for homeowners were falling in price. Although many of the owners of their current payments, a sharp fall in the price of holding them under water. Homeowners whose mortgages were purchased or guaranteed by Fannie Mae and Freddie Mac, as a rule, must be fair, at least 20% for refinancing. Obama's program, which will lead to changes in requirements, which allows even those who owe up to 105% of the value of the house to refinance.

Payments may be reduced, not merely postponed
Current mortgage plan training, as a rule, allow more flexibility with payments, but rarely reduce the amount of debt that is a factor, most experts refer to these measures can not stop the foreclosure crisis. Obama, the program focuses on affordable monthly payments from taxpayers and lenders to reduce the cost of interest rate and principal amount on which borrowers can actually repay.

Pay for borrowers and lenders for success
Mortgage Company will receive upfront fees $ 1000 for the right of each modification. They will also receive a fee for the success fees - awarded each month until the borrower is current on the loan - up to $ 1000 per year for three years.

Remove the uncertainty around the continued decline in prices
To encourage lenders to modify more mortgages and allow more families keep their homes, the Administration and the Federal Deposit Insurance Corp. have developed an insurance fund (of up to $ 10 billion) that would pay the mortgage holders for each modified loan, if the house price index decreases.

Institute a consistent, clear guidelines to modify loans
Treasury will develop uniform guidelines for loan modifications mortgage industry. All financial institutions receive money from the crisis in the future it will be necessary to implement the loan modification plan in accordance with the guidelines. Fannie Mae and Freddie Mac will use these guidelines for their own loans or guarantees, and the Obama administration will work with regulatory authorities and other federal and state authorities to implement these guidelines throughout the mortgage market.