Are you one of the many homeowners eligible for a home loan modification through President Obamas “Making Home Affordable” plan? Odds are you are. If you are facing any type of “Financial Hardship”, and have a home mortgage with Countrywide you will be able to take advantage of this plan to get a 2% home loan refinance or modification. Here is how.

Although it is pretty easy to use this “Making Home Affordable” plan to get a refinance or loan modification through Countrywide Financial, there are still a few steps involved. It is a simple process but knowing what to expect and being prepared prior to speaking with Countrywide and applying. It is very important that you do not improperly fill out any forms, or say the wrong things when applying for this housing bailout stimulus program from Obama. The information you give to Countrywide through your application and interview will be used to place you in the appropriate category for refinancing or mortgage modification so it is crucial to properly fill out all documents and doing some minimal research will help you with that.

The first thing you will have to do is complete you home loan modification or refinancing paperwork and forms. You will need to include some type of monthly budget or details of your income and expenses. This can include pay stubs, tax returns, and bills. This will give you and Countrywide a proper overview of your financial situation. It must be clear that you can not afford the mortgage payments at their current level, and the future does not look promising either. To do this more effectively, make sure you include things such as disposable money, and a little for savings in your budget. These funds can be used for emergency situations and prevent future mortgage default or financial problems.

Only homeowners who properly fill out their refinancing or mortgage modification applications, and meet the eligibility requirements, will be able to take advantage of this stimulus plan from Obama using Countrywide Financial. However, the savings that will be had using this plan will average out to hundreds of dollars per month for the entire length of the home loan. Do yourself a favor and see the potential savings you can get through a refinancing or modification of your home loan through Countrywide.

-M Petrone

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