The "Making Home Affordable" plan will allow millions of homeowners the chance to refinance or modify their home loan into a fixed rate 2% mortgage. The savings for homeowners will easily add up to hundreds every month, just from interest savings. Here is how Obamas "Making Home Affordable" plan works:

If you are a homeowner who has missed a payment in the past year, (and believe me, a lot of homeowners have) than you can apply for a home loan modification which will allow you to get a fixed rate 2% home mortgage. Keep in mind that you will not qualify for this if you owe more than $729,500 on your mortgage, or are trying to refinance a investment property mortgage. Homeowners who are in a “Financial Hardship” should indicate so through a handwritten letter which states the problems, this will help you get approved for the refinancing. Also, homeowners who have a home loan financed or backed by either Freddie Mac or Fannie are automatically eligible for a home loan modification, regardless of their financial position.

Homeowners who have been able to keep up with their mortgage payments for at least 12 months in a row, can choose the mortgage refinancing option that President Obamas stimulus plan offers. Through a home loan refinance, a homeowner can get a fixed rate 2% home loan under the guidelines of this “Making Affordable Plan”. As an added bonus, homeowners who refinance using this plan will receive $1000 off their total principal balance, for every year of successful mortgage payments, for up to 5 years.

This “Making Home Affordable” home mortgage refinancing and modification plan will allow millions of homeowners, all across the country, the chance to get a great fixed 2% interest rate for their home loan. The savings for most homeowners would easily be hundreds of dollars every month, and thousands of dollars over the course of the loan.

-M Petrone

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