Basic Facts about President Obama's condoowner Plan – How It Affects condo owners in Downtown Minneapolis, by Mike Weiland, an Experienced Expert in the Downtown Minneapolis Condo Market

President Obama found himself caught in the middle of an economic crisis immediately upon being elected to office, and one of his first tasks was to address the housing problem in America. At the end of 2008 there were approximately one out of every ten mortgages in delinquency. The housing act was introduced to lessen the amount of foreclosures in the foreseeable future. Here are a few main points of the act that can help condo owners in Downtown Minneapolis keep their condos.

#1 Downtown Minneapolis condo owners are given help to refinance their mortgages.

#2 Incentive plans have been put in place and offered to lenders that will modify the mortgage terms for people that have taken loans.

#3 Downtown Minneapolis condo owners' principal balance cannot be more than 729,750 dollars.

#4 Loans must have been taken out before January 1, 2009.

#5 The mortgage payments will be reduced to 38% of the person's monthly income. The government will further reduce these payments down to 31% with a subsidy.

#6 Loans can be brought down by reducing the interest rate to 2%, reducing the principle or by extending the length of the loan.

Many condo owners in Downtown Minneapolis have been able to keep their condos on account of this act. It has not been able to help everyone, but the majority of Downtown Minneapolis condo owners that have applied for help have been accepted and able to keep their condo. It is important to remember that this act was not designed to save all condo owners, but rather as a blanket solution to help many and save the economy.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis condos. For complete information about the Downtown Minneapolis condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis condos at www.LivingInDowntownMinneapolis.com. Contact me with any of your condo or mortgage related questions today. Call 612-735-6834 or email mike@mikeweiland.com.

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