President Barack Obama is rolling out a $75 billion plan to save millions of Americans from foreclosure. But how will it help Florida residents, one of the hardest hit states in the foreclosure meltdown? Obama’s plan will assist several groups of people, including homeowners who owe more than their homes are worth. The plan will also help people lower their monthly mortgage payments. Florida ranks second with the highest foreclosure rate. California is at the top of the list. Obama unveiled his foreclosure prevention plan in Phoenix, AZ Wednesday. It will pay lenders to reduce mortgage rates for families facing foreclosure. The rules wll change to allow mortgage giants Fannie May and Freddy Mac to refinance upside down homes, which are homes worth less than their mortgages.
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