The Government and President Obama have combined to help homeowners all over the country save money on their home mortgage payments. The “Making Home Affordable” plan will allow millions of homeowners the chance for refinancing or loan modification into a fixed 2% interest rate. Here is how this plan works, and you can take advantage:

Homeowners who have been able to keep up with their home loan payments, and have not been more than 30 days late on any of them for 1 consecutive year, they will be eligible to refinance their home loan into a fixed 2% interest rate. Help is also available for homeowners who have not been able to keep up with their payments. This help will come in the form of loan modification options which have 2% fixed rate interest. Also, for homeowners struggling financially, a letter of “Financial Hardship” should accompany the modification application explaining your financial problems.

Other homeowners have been affected by this housing crisis in their own way. Many people who bought a home within the past few years still owe more on their loan than their home is worth. This is due to the struggling housing market, and the hurting economy. So, now, even if you owe up to 5% more than your home is actually worth, you will still be able to refinance or get a home loan modification. A lot of homeowners who recently purchased their house will be able to greatly benefit from this part of the stimulus plan.

Over 9 million homeowners are eligible to take advantage of this Government backed $75 billion housing stimulus plan. Homeowners are reporting average savings that reach into the hundreds every single month. Refinancing or Loan modification are two great options that many, not all, homeowners will be able to use to their advantage. Look into the potential savings you can get through this housing bailout plan and speak with a mortgage lender or bank.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner