SYRACUSE, N.Y. -- The Obama administration kicked off a two-part housing plan Wednesday. The plan both helps people stay in their homes through refinanced mortgages, while working with lenders to modify loan terms.

Mortgage experts say parts of the plan have the potential to benefit both lenders and borrowers.

"From a bank you're taking, you're basically lowering the interest rate on these current loans so that saves the borrower money, but it also could help the banks too. If they foreclose on a property and they can't sell the property for what they owe, the banks could end up losing even more money," said Ryan McMahon, president of The Funding Source.

While millions of homeowners will be eligible for some sort of assistance, not every lender has to abide by the President's new guidelines.

"Lenders and or servicers would have to sign up. The government can't force them to do this," said McMahon.

Borrowers interested in modifying a loan need to provide their most recent tax return, two pay stubs and an "affidavit of financial hardship" to qualify.

For the refinancing program, only home-owners whose loans are held by Fannie Mae or Freddie Mac are eligible.

The plan comes at a time when the entire nation is struggling economically. Some experts say it's a step in the right direction.

"There's so many people out there who really need help and I'm happy that they have a way to receive it," said attorney and counselor at law Peter Schaefer.

McMahon, on the other hand, isn't convinced this plan is the right solution.

"It sets a dangerous precedent, it really does. A lot of the people that we're talking about modifying these loans haven't paid their loans on time. It's an interesting plan but does it send the right message to the general public, I'm not sure," said McMahon.

Action to put in place more pieces of Obama's housing plan are expected soon on Capitol Hill.

To find out if you're eligible for assistance, you use the government's online assessment tool at www.FinancialStability.gov.