The current foreclosure plan that the Obama administration has in place helps borrowers who owe more than their home's are worth. It's limited to borrowers who owe only 5 percent more than their houses are worth, however, the program is going to be expanded to further help struggling homeowners who owe up to 25 percent more.
Those who qualify will receive help from the government to refinance their mortgages.
It has been widely felt that the initial plan excluded too many homeowners who were severely "underwater" with their mortgages.
With the newly expanded plan in place more people will get help and in turn will ease the home foreclosure blowout.