Right now, millions of homeowners are in a tough financial situation and at risk of losing their home to foreclosure. The economy is bad, and the housing market is even worse. Luckily, Obamas “Making Home Affordable Plan” will allow homeowners to get a Government backed fixed rate 2% home mortgage refinancing or modification. Here is how to take advantage:

President Obamas “Making Home Affordable Plan” is a Government backed $75 billion housing bailout program. This plan will help stop the tide of foreclosures, help homeowners get lower fixed interest rates, and help increase consumer confidence in the housing market. Nearly every time a home is foreclosed on, the surrounding property values drop, by as much as 9%, from each foreclosure. This plan would reverse the downward home values, and allow millions to keep their home. A fixed rate 2% interest rate would save many homeowners hundreds of dollars every month. This money can be used to pay down other debts, home improvements or repairs, or anything you can think of. Here are some of the eligibility requirements that a homeowner must meet in order to take advantage of President Barack Obamas plan:

-Homes with a mortgage balance of less than $729,500, if it was higher at one point that is OK, but the amount owed now is what matters.

-The home in question to be refinanced or modified is to be lived in as a primary residence of the homeowner. Rental, vacation, and other investment properties do not qualify for a home mortgage refinancing under Obamas plan.

-This plan is only for homes which were purchased, and closed on prior to January 1st 2009.

-If a homeowner is currently paying more than 31% of their gross monthly income towards their monthly home loan, they can now modify their mortgage and obtain payments that are equal to or less than 31% of their gross monthly income.

-Homeowners facing “Financial Hardships” need to include a handwritten letter stating the hardships, along with the related bills, financial statements, bank statements, tax returns, pay stubs, and any other related information.

By offering a ultra low 2% fixed interest rate for homeowners who either want to get a mortgage refinancing or loan modification, the rate of foreclosures will drop, home values will rise, and the economy can start to recover.

You owe it to yourself, your family, and your financial future to see the potential savings that you can easily get by using this “Making Home Affordable Plan” for yourself.

-M Petrone
www.RefinancingCondo.com

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