The Obama administration has announced that it will focus on two major groups to stem the foreclosure crisis. They plan to have banks reduce payments for unemployed people who simply cannot make their payments. These payment reductions would be temporary and are designed to give then unemployed a chance to get back on their feet.

The second focus is helping those with "underwater" mortgage reduce what they owe. It might anger some Americans that their tax money is being used for bailing out people who made bad decision, but one-fourth of Maryland residents owe more on their mortgages than their homes are worth. Many homes are at risk of foreclosure in that situation, which means people might just start walking away from their mortgage issues. This would further put a hole in the real estate market.

If you or someone you love is facing foreclosure, modifying your mortgage may prevent you from having to file for foreclosure. To learn more, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C., today by calling 443-546-4608.