Homeowners everywhere are encouraged to take advantage of the $75 billion Government backed, “Making Home Affordable” Plan from Obama and get a 2% Home Mortgage Refinancing or Modification. The savings that could be had are incredible and qualifying is easy. Here is how it works:

Homeowners who have a mortgage that is worth more than their home is, up to 5% more, can qualify for a mortgage refinance or modification using this plan. The interest rate will be the same, fixed 2%, and helps a lot of homeowners who have seen the value of their home drop due to the housing crisis.
Home loans backed by either Fannie Mae or Freddie Mac are automatically eligible for modification using President Obamas mortgage stimulus package. As long as the loans value is under $729,500, the loan will be able to qualify, regardless of the homeowners financial situation.
Homeowners who are facing a “Financial Hardship” such as credit card debts, hospital bills, loss of job or income, or a whole list of other things, can use this plan and refinance, and possibly save from foreclosure, their home. Include a handwritten letter of “Financial Hardship” with your refinancing application and sign it by hand.
Their will be no closing costs or any other related fees for homeowners who use this plan to refinance or modify their home loan.
Homeowners who already in the foreclosure process can be put on a streamlined program to refinance and greatly increase the chance of being able to save their home.
Using this modification plan a homeowner will not have to pay more than 31% of their current monthly gross income towards their monthly mortgage payment. A lot of people currently pay up to 60% of their income every month to their home loan payment.

Loan refinancing or modification using this plan will save an estimated 9 million existing homeowners hundreds of dollars every single month just in interest payments. This quickly adds up to thousands of dollars in savings every year. All homeowners should at least look into the potential savings they they can get through modification or refinancing of a home mortgage loan. Especially now, using Obamas “Making Home Affordable” plan.

-M Petrone

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