It seems that many Americans hope that the president Barack Obama can help them get rid of homes repossession. Using its right to make decisions within the banks, the democrat administration offers 75 billion dollars for refinancing 9 million Americans who can lose their homes.

The president Barack Obama has announced the award of 75 billion dollars to help homeowners whose debts are higher than the current market value of their homes, which can be repossessed. According to Obama, the new plan concerns refinancing of mortgage credits and is to prevent foreclosure in the case of about 9 million Americans.

The 75 billion dollars are added to a pack destined to the recovery of the USA economy, which already exceeds 2,000 billion. The program includes refinancing of credits taken by homeowners and rates restructuring, in order to prevent repossession of homes.

The American government estimates that over 5 million homeowners will be saved through the refinancing program. If real estate credits are higher than 400,000 USD, those debtors will not have access to the money offered by the state or if they have more than a home. Their properties will be repossessed and if you are interested in purchasing such a property, you can find it on the internet.

The Americans who have already covered 20% of the credit value can ask for refinancing even if they do not meet criteria of the government program. Those who want to have access to this program must prove that they have the income necessary to cover the refinanced rates, whereas American analysts consider that many Americans do not have this income and they prefer to avoid any control.

Other 3 – 4 million Americans can benefit from the program of rates restructuring. For this type of aid are qualified as well people who, apart from the mortgage credit have other debts too.

In these situations, banks will have to reduce interest, so that rates do not exceed 31% of the debtor’s income. The procedure through which the banks will apply this plan will be made public this month (March 2009), has announced the White House. The president Obama has mentioned that the banks, which benefit from state financial aid will have to accept the refinancing and restructuring plan related to credits, according to the government right to make decisions within these banks.

American press has already criticized Obama’s plan, as a measure through which those who got loans responsibly are going to support the debts of those people who got loans and are not able to pay them back. Over two million properties have been foreclosed by banks, in 2008, because of the incapacity of the debtors to pay their rates.

One of six homeowners affected by the real estate crisis find themselves in the situation in which, the market value of the home is lower than the debt for creditors. At the same time, requests for building grant in the USA have decreased by 56% in January 2009 compared to the same month of the previous year. This is the worst decline of the real estate industry since 1959, according to the American commerce department.

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