The plan passed by President Barack Obama for homeowners to receive relief on foreclosures and get some help in keeping their homes is beginning to become effective for some homeowners. Experts say that the plan won’t effect too many, but the hopes of the money trickling down to homeowners to be able to get their loans modified is starting to occur to prove to work for some.

In a county in California a homeowner had contacted her mortgage company after finding that her payments went up almost as much as her income. She had retired previously from another job and said that her mortgage company took her information and basically took her retirement benefits money and multiplied it by 31 percent. This became her new mortgage payment. She said that it brought her payments down more than half of what she was already paying. Her loan was also through Fannie Mae who is one of the main mortgage companies involved in this plan. Freddie Mac is the other.

Even though there was a homeowner who did receive help, financial experts say that there will be few and far between that will qualify and then actually get the help they need. For example, if the homeowner actually meets the requirements then they will be able to get their loans modified. However, then they will have to wait until the modification goes into effect which could take a while in which most homeowners struggling to pay already do not have the time to wait. Other homeowners who might qualify and have second mortgages to deal with will find their modification to take even longer.