President Obama has introduced his home mortgage refinancing or modification plan. This home bailout plan will allow existing homeowners a chance to refinance into a new 4.5% home mortgage. Using this plan to save hundreds of dollars per month is easy, here is how:

-Homeowners can apply for a 4.5% home refinance if they are experiencing any kind of “Financial Hardship” such as bills, tuition, car loans, loss of job, and a whole list of other hardships.

-The home to be refinanced using this plan must now have more than $729,500 remaining on the mortgage amount due.

-Homeowners who have seen a 15% or more drop in their property values as a result of this mortgage crisis are now automatically eligible for a 4.5% fixed rate refinance.

-Streamlined, fast, new refinancing options are available for homeowners who are facing foreclosure or defaulting on their home loan. This will give the homeowner a chance to save their house.

-Mortgages backed or insured by Freddie Mac or Fannie Mae automatically qualify for a 4.5% fixed rate home mortgage modification.

-Their will be no closing costs or other associated fees when using this Obama stimulus plan to refinance your home.

Millions of homeowners are feeling the effects of the economy. Foreclosures are on the rise, and home values are continually dropping. With this in mind Obama has aimed to relieve millions of homeowners by allowing them to refinance at 4.5% which will save the average homeowner hundreds of dollars every month. Homeowners can easily take advantage of this plan and start seeing huge savings every month. Hopefully this plan will help the overall housing market which in turn would be even more beneficial to all homeowners. As the home values rise again so will consumer confidence. At least look into refinancing your home mortgage using this Obama stimulus plan and see the potential savings to be had.

-M Petrone

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