The White House unveiled the program designed to help borrowers who are "upside down" on their mortgages -- modify their loans more quickly.
It will also give unemployed borrowers a ten percent tax break as well up to six months to make mortgage payments.
Local loan officers say this will be a benefit to homeowners. Paul Salazar said, "The people who are owning these homes, been losing these homes are given the runaround. And it's a situation where these people are hopeless. They had no hope whatsoever."
The federal program will be funded by $14-billion dollars from the administration's existing $75-billion dollar foreclosure prevention program.
Nearly one in every three homeowners in the Valley owes more than their homes are worth.
