The Obama administration has enacted their home mortgage refinancing and modification stimulus plan which will help millions of homeowners get some much needed financial relief. Using this program, homeowners can refinance or modify their existing home mortgage into a new one with a 4.5% fixed rate. Here is how:

-Homeowners who have seen their property value drop by 15% or more as a result of this mortgage crisis are now eligible to refinance or modify their home loan into a 4.5% fixed rate.

-The Government will keep home interest rates locked in to a low 4.5% fixed rate for all existing and potential homeowners.

-Their will be no closing costs or any other fees associated with refinancing or modifying a home mortgage using this “Making Home Affordable” plan from Obama.

-Homeowners who happen to have a home mortgage backed or insured by Freddie Mac or Fannie Mae are automatically eligible to modify their home loan into a 4.5% fixed rate.

-Homeowners who are facing foreclosure can be now placed in a fast track refinancing program which allows the homeowner a good chance to save their home and refinance it into an affordable monthly payment.

Homeowners everywhere are having financial problems. Hopefully this home refinancing plan from President Obama will be taken advantage of by homeowners everywhere who are eligible to do so. Refinancing a home mortgage under the guidelines of this home mortgage refinance plan will save millions of homeowners hundreds of dollars every month. Look into the potential benefits to refinancing your home today and start seeing the savings immediately.

-M Petrone

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