If you are a homeowner, than President Obama has got your back. His recent announcement of the “Making Home Affordable” mortgage refinancing and modification plan, which allows homeowners a chance to refinance into a fixed 4% interest rate, will save the average person hundreds of dollars every single month. Here is how it works:

-Homeowners who have a mortgage financed or insured by Freddie Mac or Fannie Mae are automatically eligible to refinance or modify their home mortgage into a fixed rate 2% home loan.

-If you have seen your property value drop by 15% or more as a result of this mortgage crisis, you can now refinance your mortgage into the fixed 2% rate available from Obamas refinance stimulus plan.

-Homeowners who are in or facing foreclosure can now be put on a fast track refinance plan which will help them save their home.

-If you have faced a financial hardship, such as a loss of income or job, tuition, high credit card debts, medical bills, or a list of other things you are eligible to refinance.

Overall this plan will benefit millions of homeowners and reports are that the average homeowner is saving hundreds every month by taking advantage of this plan. You should do so too.

-M Petrone

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