Homeowners should act now to save hundreds of dollars every month by using Obamas “Making Home Affordable” plan. This plan will allow a homeowners to refinance or modify their home mortgage into a 2% fixed rate home loan. Millions of homeowners are eligible to use this plan, and here is how it all works:

-Homeowners who are in a “Financail Hardship” can now apply for a fixed rate 2% home mortgage refinancing or modification using the guidelines set up by Obama in his “Making Home Affordable” plan. The savings that homeowners are reporting who have taken advantage of this plan are in the hundreds of dollars. The “Financial Hardship” can be anything from loss of job, loss of income, hospital bills, car payments, a bad mortgage, or a whole list of other things. Include a handwritten letter stating your financial hardships and sign it.

-Now, there are a lot of new loans and grants which have low interest rates and will be available to homeowners thanks to this Obama stimulus plan. These low interest loans can be used for anything you can think of but are designed to reduce your debts and interest payments.

-Homeowners who have seen their property values drop by 15% or more as a result of this housing problem in America, can now refinance their home loan into the same 2% fixed rate that is available to all homeowners in the “Making Home Affordable” plan. Now, a home can be refinanced even if the mortgage has a remaining balance that exceeds the homes actual value, by up to 5%.

-If a homeowners total debts every month, including mortgage payments, exceeds 51% of their gross monthly income, they will need to go to free credit counseling as a condition of this “Making Home Affordable” plan, but the fixed 2% interest rate will still be available for you.

This plan from Obama is a great chance to help a lot of homeowners get their finances in order, save money, and possibly save their home from foreclosure. Refinancing or loan modification using this plan will save hundreds of dollars for you every month, in interest payments alone. Homeowners owe it to themselves to at least look into the potential savings that can be had from this plan.

-M Petrone

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