Homeowners: It's Time

Homeowners can start contacting their lenders to see if they qualify for mortgage assistance or refinancing from the new Obama plan. You usually have to meet the following criteria, taken from this site:

• have obtained their mortgage before Jan. 1, 2009;
• have a primary mortgage of less than $729,500;
• live in the property;
• fully document their income by providing tax returns and pay stubs;
• sign a statement of financial hardship; and
• go for counseling if their total household debt - including auto loans, credit cards and alimony - totals more than 55% of their income.