Taking advantage of President Obamas “Making Home Affordable” plan is easy. This plan will allow homeowners all over to get a home mortgage refinance or modification into a fixed rate 2% home loan. This stimulus plan will save millions of homeowners hundreds of dollars every single month. Here is how it all works:

-Homeowners facing any type of “Financial Hardship” including a loss of job, reduced income, hospital bills, or a whole list of other financial debt related problems can apply for a home loan modification. To improve the odds of the home loan being approved into this “Making Home Affordable” plan include a handwritten and signed letter stating your financial hardships.

-Their are now also a lot of new grants and low interest loans available to homeowners. These are available to homeowners regardless of what their credit score is and can be used for loan repayments and debt reduction.

-Homeowners who have debts, including mortgage payments, which exceed 51% of their gross monthly income will need to go to free credit counseling as a condition of getting a 2% home loan modification.

-Homeowners will benefit from the fact that President Obama and the Federal Reserve will work to keep mortgage interest rates low and fight inflation. Ideally at a 2% fixed rate for all home buyers and homeowners.

-If a homeowners property value has dropped by 15% or more they will be able to refinance their home loan through this “Making Home Affordable” mortgage refinancing and modification stimulus plan. This help a lot of people who have been hit hard by the falling home prices and struggling home market.

Homeowners who need to save every month to save their home, or pay other debts, should use this plan to do it. Refinancing or loan modification with Obamas stimulus plan will save the average homeowner hundreds of dollars every month, simply through reduced interest. Over the length of the home loan, the savings can easily add up into the thousands of dollars. Refinancing or mortgage modification is now also easier than ever to get, even for homeowners with bad credit, or low equity in their home. This plan will hopefully stimulate the economy and restore confidence in the housing market.

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