Homeowners should take advantage of President Obamas “Making Home Affordable” plan which allows 2% home loan modification or refinancing. The savings homeowners are reporting are in the hundreds, every month. Here is how you can take advantage of this plan.:

Homeowners can now refinance their home, even if they happen to owe more than their home is worth at market values, up to 5% more to be exact. This will help a lot of homeowners who have, in the past few years especially, seen the value to their home drop dramatically due to the housing crisis. Also, this means that things such as 20% equity, or the cash equivalent are no longer needed when a homeowner refinances or modifies their home loan using this stimulus plan from President Barack Obama. Refinancing a home mortgage loan is also available to homeowners who have been able to keep up with their home loan payments for 1 year. This means no late payments or missed payments. If you have though you can take advantage of the 2% home refinancing option from the “Making Home Affordable Plan”. There are other options for homeowners who missed some payments like a loan modification.

Another option that homeowners will have from this plan that the Government is backing with $75 billion is a home loan modification. This is available to homeowners who have missed or been late on 1 or more payments in the past 12 months. With this plan a homeowners can get a home loan modification into a fixed 2% interest rate. Also, homeowners who have a mortgage backed or financed by Fannie Mae or Freddie Mac can modify their home loan, and are automatically qualified to do so, using this “Making Home Affordable” plan.

A lot of homeowners stand to save thousands of dollars through a loan modification or refinance using this plan from Obama, and you should look into the potential savings you can get using it too.

-M Petrone

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