With the economy and housing market in bad shape, homeowners are finding themselves in tough financial spots, and paying the monthly mortgage note, is getting much harder to do. However, President Obama is aware of the problems millions of homeowners are facing, and introduced the “Making Home Affordable” plan which allows homeowners to get a fixed rate 2% home loan through a refinance or mortgage modification. Here is how this plan works, and you can take advantage:

-Homeowners facing a long list of “Financial Hardships” can now use this plan from Obama and his administration to get themselves into a fixed rate 2% home mortgage through a simple loan modification. This “Financial Hardship” can be a lot of things, loss of job, loss of income, hospital bills, bad mortgages, high credit card debt, and a whole list of others. Be sure to include a handwritten letter along with bank statements, bills, or any other paperwork which backs up your claims of financial hardship. This greatly increases your chances of being approved for a refinancing or loan modification.

-Homes everywhere have lost their value due to the massive amount of foreclosures, the bad economy, and the worse housing market. Now though, homes which have dropped in value by 15% or more are eligible to get a 2% fixed rate home loan modification or refinance through Obamas plan. This will help a lot of homeowners, especially those who bought a home in the past few years, who have a mortgage worth more than the homes market value.

-Mortgages which are backed by either Freddie Mac or Fannie Mae can now be modified into the Government backed 2% home loan. This is automatic eligibility provided your home loan is financed or insured by either one of these two lending giants.

Homeowners are flocking to take advantage of Obamas $75 billion “Making Home Affordable” plan and getting themselves into new, more affordable, fixed rate 2% home loans through refinancing or mortgage modification. You should at least do yourself a favor and take a little time and see how much you could save by using this plan to your advantage. You may be able to save hundreds a month, or much more importantly your home from being foreclosed on.

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