The “Making Home Affordable Plan” is a new government program that will allow 1 out of 9 homeowners an easy loan modification or refinance. This plan will help millions avoid forelosure and get into a manageable monthly home mortgage payment. Homeowners across the country are looking to take advantage of Obamas new stimulus housing plan and you probably can too.

Do You Qualify for the Making Home Affordable Plan?

There are some easy questions that will assist you in determining if you are indeed eligible for this housing stimulus plan from President Obama. There are two main points in this plan that will help homeowners, loan modifications and home mortgage refinancing. This plan targets homeowners who have remained current on their mortgages but can not refinance due to a drop in the property value of their home. Loans held and backed by Freddie Mac and Fannie Mae and for people who up to 105% of the value of their home will be more easily refinanced or modified with this plan. Here are some easy questions to see whether you qualify for Obamas mortgage stimulus plan:

1.Is the home in question your primary residence?

2.Is your home loan backed by either Freddie Mac or Fannie Mae? You can call your bank or lender and ask. They have to tell you.

3.Are you up to date and current on your home mortgage payments? This means that in the past year you have not been over 30 days late on any mortgage payment.

4.Do you owe about the same or less on your current home mortgage. than the approximate value of your house?

If you have read these questions and answered yes to all of them, then you most likely are eligible for Obamas Making Home Affordable Plan. However if you said no to any of these questions, you are not out of luck yet, there is still the loan modification plan that you may qualify for. This plan helps homeowners who have seen their mortgage interest rates increase, seen their income decrease, or face other financial hardships. This plan will work for homeowners who are current on their mortgage or for people who have fallen behind. Here are 4 more questions to help establish if you are eligible for a loan modification under Obamas housing stimulus plan:

1.Is the home in question your primary residence?

2.Do you less than $729,750 on your current mortgage?

3.Are you having a hard time paying your mortgage every month? If you have lost your job, seen a cut in hours or pay, or have faced another financial hardship which is effecting your finances?

4.Did you get your current mortgage before January 1, 2009?

Answering yes to all 4 of these questions most likely means that you are eligible to modify your home loan using this Home Affordability Plan from Obama. Always use patience and do some research before doing anything. Good Luck
-M Petrone

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