On March 4th, 2009 the Homeowner Affordability and Stability Plan was unveiled by President Barack Obama. The program is designed to help bring relief to 7 to 9 million struggling homeowners in America modify or refinance their mortgages.

The Homeowner Affordability and Stability Plan offers incentives that will reduce payments by:

• Lowering of loan interest rates.
• Reducing of loan principal (at lender’s discretion).
• Offering Loan extensions (from 30 to 40 years)

Only the mortgage on your primary residence is eligible. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.

Banks, mortgage lenders and financial institutions are now accepting applications for this plan.

The eligibility criteria for the new plan will include:

• You must demonstrate and prove financial hardship
• The property must be your primary residence
• Your monthly mortgage payment must be greater than 31% of your monthly gross income;
• You must prove that you are either delinquent already or will become delinquent in the near future.
• Your loan must not exceed current Fannie Mae and Freddie Mac loan limits.

Call your financial institution for more details on eligibility.

Find the best way to: consolidate all your debts in one single monthly bill, handle collection calls, plan for your financial future.

Before re-possessing your home the lender would usually try to help you by rewriting the loan, reduce payment amount, suspend principal payments for a time (you pay interest only), agree to a short sale, or even let you miss some payments to have you pay them over time.

How to cut credit card debt:

• Pay high interest rate cards first
• Use (if absolutely necessary) the ones with lower rates
• Obtain a card with lower rate
• Ask your card company for for a rate reduction
• Get rid of cards that have: high interest rate, no grace period, late payment fees, inactivity fees, over the limit fees, fees for not having a balance, etc...
• Contact credit card debt consolidation companies for professional help.

Under the law, some types of creditors activities or behaviors are not permitted. The debt collector cannot:

• use vulgar or obscene language.
• threaten to send you to jail for not paying your debt.
• threaten to use force or violence.
• pretend to be a law enforcement agent or an attorney. (Impersonation of a police officer is a crime).
• harass you or members of your family by making continuous phone calls.
• call you at work when told that you can be reached at home at a reasonable time and you are at home during those hours.
• contact your employer, without first obtaining a court judgment against you.
• reveal or disclose your debt problems to anyone (person or business) without first informing you.
• make false claims in an attempt to get you to pay valid claims.

If you feel that your creditor is harassing you by phone, you should record the day, time, name of the person who is making each call and length of every phone conversation.

If you believe your rights are being violated, you may bring a lawsuit against the creditor in circuit court.

Legal Handle definition: a previous court ruling or judicial decision which can be used as a guide for similar cases in the future, a legal precedent. "We finally have a legal handle on the law concerning water conservation".

Having understanding or control of a situation through the rules of law.

The principle of precedent is strong in the US, though higher courts, especially the Supreme Court, may review and overturn earlier precedents.

"Always hire the attorney who has the best handle on the law you can find, or by all means, can afford."

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