Homeowners with a mortgage financed by either Fannie Mae or Freddie Mac are in luck because now, they can have their home loan modified into a,Government backed, 4% fixed rate mortgage. This is possible thanks to President Obamas $75 billion “Making Home Affordable” plan, and here is how you can use it to your advantage:

-If you are a homeowner who have for whatever reason have missed or been late on a few monthly mortgage payments, you can apply for, and most likely be approved, for a home loan modification. This will allow you to get a 4% fixed Government rate which will save the average homeowner hundreds per month just in interest payment savings.

-This plan from Obama will only cover homes which 1 family lives in. The housing bailout is not for homeowners with more than one family living in them.

-A homeowner can now, luckily, be approved for a refinance or modification even if they happen to owe more than the market value of their home. Now, thanks to this stimulus housing bailout refinance and modification plan from Obama, a homeowner will be allowed to refinance even if they owe up to 5% more than their homes worth on their home loan.

-Best of all, all mortgages and homeowners who are financed, backed, or insured by Freddie Mac or Fannie Mae will automatically be eligible for a home loan modification using the guidelines of this Government housing bailout plan.

Basically, now, a home loan modification or refinance is easier than ever for a homeowner to be approved for while at the same time more beneficial. Using this stimulus plan from Obama the scales are now tipped in the homeowners favor when it comes to a home loan modification or refinance. Take advantage of this amazing chance to get yourself into a great, Government backed home loan now and see how much the savings can be

-M Petrone

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