In today’s world where the economy has taken a few spills, many homeowners have had to apply for home loan modification or refinance. The majority of these people do so only to be turn down in the end. In the recent months President Obama has tried to help homeowners in this time of uncertainty. What the President has done is come up with a plan, “Making Homes Affordable.” What this does is allow the millions of homeowners who are having trouble with their mortgages to get a fixed rate on their home loan, which is 2%. Having this fixed rate is helpful to millions who may have an adjustable rate for their current loan. This can save lots of people money and this is how:

What the “Making Homes Affordable” plan is suppose to do is give the banks and lenders a cash incentive to decrease their risks and in turn provide more loan modifications and refinancing of loans for all those struggling to make ends meet. What this has done is make it easier to be approved for a loan or loan modification, it is the best time right now for the borrower. If you have been affected by the struggling economy you are eligible for this new plan.

This plan was created by the President Obama because of the declining housing market. His plan was to stimulate the current housing market and at the same time keep current homeowners from losing their homes. This plan is meant to help those facing foreclosure, people looking for to refinance or modify their loans and also new potential homeowners looking to purchase a house. President Obamas plan “Making Homes Affordable” is a $75 billion government backed bailout program. With this plan all those who own homes regardless of their current financial situation have more choices when looking to find a more affordable and reasonable payments for their homes.

Today is possibly the best time to modify or refinance your home mortgage loan. With President Obamas “Making Homes Affordable” plan there may be potential to save hundreds on your mortgage payments every month. Use the plan as best you can to save your money and save your home.

-M Petrone

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