Odds are, you can benefit from President Obamas home loan modification or refinance plan. If you have a mortgage which you can not afford, are facing financial hardship, or otherwise need a new home loan, you need to know how to qualify for and apply for these new Government programs. Here is how you can get approved and start saving money now.

Approval Guidelines:
The home to be refinanced must be lived in by the homeowner as a primary residence.
The home loan must have been signed off on and closed on prior to January 1st 2009.
The amount remaining on the home mortgage must be less that $729,500.
Homeowners who use this plan will be able to modify their home loan into a payment that does not exceed 31% of their gross monthly income.
The mortgage lender or bank will be given cash incentives from the Government for approving homeowners who are in a financial hardship and at risk of losing their home. This means that being approved for a home loan refinancing or modification is now easier than ever.

Terms and Conditions of the Federal Governments Loan Modification Plan:
The new loan and monthly payment a homeowner gets through a loan modification will not exceed 31% of the homeowners gross monthly income.
What is called a “Waterfall Process” can be used to get the monthly payment low enough for homeowners and the “Making Home Affordable” plan guidelines.
Home mortgage interest rates can be reduced to as low as 2%
Home loans that are refinanced or modified can be extended to 30 or even 40 year length mortgages.

Refinancing or mortgage modification is a great way to reduce your interest rates, and save thousands of dollars over the length of the home loan. Millions of homeowners are eligible to use this plan and save themselves a lot of money every month. Most banks and mortgage lenders are participating in this Federal program, which means a lot of options for you. You can easily save your home from foreclosure, or just free up extra cash, Take advantage and refinance or modify your home loan using this plan today.

-M Petrone

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