Homeowners who have been hurting financially due to the tough economy can now take advantage of President Obamas mortgage refinance stimulus plan. On average this plan will easily save homeowners hundreds of dollars every single month by allowing them to refinance into a fixed 2% mortgage. Here is the plan:

Homeowners who have a mortgage backed by either Fannie Mae or Freddie Mac, which nearly 60% of all homes loans are, then you are automatically eligible to modify your home loan into a fixed 2% interest rate. This rate is substantially lower than any rate available on the market and will allow homeowners to save a lot of money every month on interest alone. This plan can be taken advantage of regardless of your personal financial conditions.

If the value of your property has declined as a result of this housing crisis by 15% or more, you are eligible to refinance at the government backed 2% fixed interest rate. Millions of homeowners have seen the value of their homes go down as foreclosures take their toll on the housing market. A combination of all the foreclosures and a lack of consumer confidence has sent the housing market in a downward spiral, which hopefully this mortgage refinance stimulus plan can reverse.

A lot of homeowners are in or will soon be in foreclosure. Now, using this plan, the homeowner can use a streamlined mortgage refinance or modification process which gives them a much better chance to save their home. This plan allows mortgage terms to change quickly and the homeowner can more easily get back on track.

Homeowners going through a “Financial Hardship” such as a loss of income, loss of job, medical or tuition bills, credit card debts, or a whole list of other hardships are eligible for a refinance or modification of their home loan. A handwritten letter signed by you is all that is required to qualify for this amazing chance to refinance into a much lower rate.

Mortgage lenders and banks are receiving cash incentives from the Government to approve homeowners for refinancing and mortgage modifications. This means that their risks are minimized allowing them to loosen up their restrictions and allow more refinancings and modifications. Things like having 20% equity in your home, which were typically required to refinance, are no longer needed. Refinancing your home the correct way will save you a lot of money, or maybe even more importantly, your home. Take advantage of Obama now and refinance or modify your home loan.

-M Petrone

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