Those who may be at risk of foreclosure as well as some homeowners who are "underwater" on their loans.
What are the outlines of the plan?
A refinancing option for those who are making payments but are paying high interest rates and would otherwise not be able to refinance, either because they do not have enough equity or because their houses are worth less than they borrowed.
How much will this cost to the American taxpayers?
A total of $275 billion.
The government estimates between 7 million to 9 million homeowners.
Some parts, including a provision to allow changes to mortgages through bankruptcy proceedings, will require legislation.
Collect all necessary documents such as pay stubs, tax returns and loan and credit card statements to call your lender first. After calling your lender, research for any local assistance offered by non-profits or local government.