Hi guys! I am sure you have all heard by now that Uncle Sam has issued check after to check to keep Wall Street bankers afloat. And you, as American taxpayers, who were picking up the tab, are growing increasingly resentful of paying for others’ mistakes.

And I am sure when President Barack Obama announced a $75 billion plan to lower monthly mortgage payments for up to four million distressed homeowners in mid-February, your frustration turned into rage. But the Obama administration has pitched its housing fix as one that would help all homeowners, not just troubled ones. So after fresh details of the plan were released last Wednesday, I am sure you are asking: “I’m a responsible homeowner; what’s in it for me?”

Do you qualify for Obama’s housing plan? Well, the $75 billion goes toward reducing mortgage payments for “at-risk” homeowners. The program is only available for owner-occupied, principal residences with mortgages that originated before January 1, 2009. To qualify, the borrower’s monthly mortgage payments must exceed 31 percent of their gross monthly income. In addition, they must also have undergone some type of financial hardship (such as a loss of income) that puts them at risk of default. While you don’t need to be delinquent on your mortgage to qualify, borrowers who are comfortably making their mortgage payments won’t be eligible.

So if you don’t qualify, how does it help you? Many Americans who purchased homes they could reasonably afford and made their payments on time are understandably upset at seeing neighbors who made reckless decisions bailed out on their dime. But the Obama administration argues that keeping people in their homes is in the best interest of all homeowners, since foreclosures (which can blight communities and nurture crime) will drive down property values for everyone. “One study in Chicago found that a foreclosed home reduces the price of nearby homes by as much as 9 percent,” the president recently said.

Remember, if I was to sell your house, the first thing I’m going to do is to figure out a listing price. Of course I will look at comparable homes in your neighborhood. And if you’ve got all these depressed property values, that is going to definitely harm the sales value of your home. As such, if Obama’s housing plan succeeds in reducing foreclosures for troubled borrowers, it may help to bolster the values of other homes as well.

So, what incentive do you have to keep paying your mortgage? A home foreclosure is an ugly stain on a credit report, and it can remain there for as long as seven years. To be honest, you mind as well declare bankruptcy. With banks tightening their lending standards in the face of higher delinquencies, it’s a particularly bad time to ruin your credit. If you have a home foreclosure on your credit report, you’re likely to have a difficult time getting any type of new credit these days: from a credit card to a new mortgage.

But what if you are not in trouble now, how can you protect yourself from the threat of foreclosure? Factors that can lead to foreclosure include unemployment, exploding-rate mortgages, and reckless spending. Although homeowners may have less control over their employment situation, by addressing these other factors, they can put themselves in a better position to avoid foreclosure should they suffer job loss.

I believe that as homeowners, you should make sure that you have sufficient savings set aside to pay your mortgage in the event of the unexpected. Fallback savings is critical. At least have three months of your mortgage payments saved. And of course, make sure that savings is making you money by putting it in a high yield savings account (or something comparable). In setting aside such savings, families should institute a household budget and review their online bank statements regularly to ensure they aren’t spending wastefully.

For those of you with adjustable-rate mortgages, see if you are eligible to refinance into a fixed-rate home loan, while those of you who already have fixed-rate loans should see if you can refinance into a lower rate. In doing so, consumers should first obtain their credit report and see if their mortgage is owned or guaranteed by Fannie Mae or Freddie Mac. Those with Fannie or Freddie loans may be eligible to refinance into a lower rate through a second component of Obama’s housing plan.

Is there a silver lining in this mess? It’s nearly impossible to spot any sort of silver lining in the current housing mess. But if there’s anything good to come out of this, it’s the hope that homeowners, lenders, regulators, and policymakers will learn from their mistakes and ensure that mortgages going forward will be properly underwritten and affordable. By overlooking the lessons of the crisis, we risk going through this devastating cycle again in the future.

Okay guys, see you in seven.

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