With the economy being in such bad shape, and the housing market in even worse condition, a lot of homeowners are facing financial problems. This quickly leads to problems making the mortgage payments, and an eventual foreclosure or mortgage default. However, homeowners facing financial hardships, which include many things, can now get a home loan refinancing or modification at a 2% fixed rate using President Obamas “Making Home Affordable Plan”. Here is how it all works and you can get part of this Government housing bailout money for yourself.

This $75 billion plan from Obama will allow mortgage lenders and bank to offer fixed rate 2% home loan refinancing or modification options thanks to the cash incentives provided from the plan. The Government will give cash incentives to every lender and bank who approve at risk, or homeowners facing foreclosure, in order to help them minimize their risks and help more people. This means that even if you have bad credit, been rejected before, have a mortgage worth more than the homes market value, or a lot of other things, you can get a fixed rate 2% home mortgage. The savings could easily add up to hundreds every month.

-If you are a homeowner who has been unfortunate enough to see the value of your property drop by 15% or more as a result of the bad economy and housing market, you are now eligible to refinance that home through use of the “Making Home Affordable Plan”. This helps millions of homeowners who are stuck with mortgages worth up to 5% more than the homes market value due to the sluggish market and tough economy.

-Only homes where the owner lives as a primary home will be eligible to use the Obama plan. This plan will not help homeowners who are looking for assistance with their second homes, investment properties, or vacation homes. Only homes where the homeowner lives in most of the time, and have a mortgage with a balance of less than $729,500 will qualify for a 2% fixed rate home mortgage refinance.

If you are a struggling homeowner, odds are you will save hundreds per month just by taking advantage of Obamas plan. After all, it is designed to help millions of homeowners get a home loan modification or refinancing into a fixed rate 2% home loan. The savings would be incredible so look into it for yourself before it is too late.

-M Petrone
www.RefinancingCondo.com

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