President Obama has provided financial relief for homeowners who have a mortgage financed by Fannie Mae or Freddie Mac. Obamas “Making Home Affordable” plan makes millions of homeowners eligible for a home mortgage modification. Now, these 2 giant mortgage lenders must follow the strict guidelines set by Obama which is great news for homeowners.

So a common question now is, Who will qualify for this Obama housing stimulus plan? Well to help assist you in seeing if you are eligible, I have listed some requirements for the Obama stimulus program here:

-If the amount remaining on your existing mortgage is more than the value of your home, by as much as 5%, you are still eligible to refinance or modify your home loan. This especially helps homeowners who have seen their property value drop in the past few years due to the mortgage crisis.

-Only single family homes qualify for mortgage modification.

-Refinancing and modification will not be available to homeowners who have declared bankruptcy.

-If your home mortgage is financed, insured, otherwise backed by either Freddie Mac or Fannie Mae, you will automatically be eligible to take advantage of this home refinance or modification stimulus plan.

-Free, professional mortgage counselors are available now from HUD. These mortgage professionals will help you evaluate your financial situation and find the best refinance or modification package that will meet your needs.

Homeowners who happen to have a home loan backed by Fannie Mae or Freddie Mac should take advantage of this amazing chance to modify your home loan. The savings can easily add up to hundreds every single month. Millions of homeowners are eligible and do not even know it. Check with your mortgage lender or bank and see the potential savings that could be easily had.

-M Petrone

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