Homeowners everywhere can benefit from President Obamas home mortgage refinancing or modification stimulus plan. This Government backed, $75 billion housing plan will allow homeowners everywhere the chance to refinance or modify their home loan into a new one with a 2% fixed rate. Here is how it all works, and how to qualify:

-Homeowners who for 12 months in a row, has made all of their home loan payments in full, and on time can now use the Government plan and refinance their home loan into a fixed rate 2% mortgage. Late payments are aceptable, as long as they are not over 30 days late. This will help homeowners realign their finances, and improve their overall standard of living.

-A lot of homeowners all over the country are going through some kind of “Financial Hardship” such as a job loss, loss of incoeme, high hospital bills, or other high interest debts will be allowed to modify their home loan into the Government backed 2% fixed rate home loan. A letter of “Financial Hardship” hand written and signed by you will greatly increase your chances of being approved for a home refinance or loan modification.

-Home mortgage loans that are financed, or in any backed by either Fanne Mae or Freddie Mac, are automatically eligible to modify their home loans. This is an automatic approval, regardless of the borrowers financial situation. This is aimed at boosting the housing market, and raising the home prices to pre housing crisis levels. Homeowners who have had the value of their home drop by 15% or more will be automatically eligible to benefit from Obamas “Making Home Affordable” plan and get a 2% fixed rate mortgage.

A homeowner who takes advantage of this plan for a home loan modification or refinance, can expect to see savings in the hundreds of dollars, every month. These savings are just from interest payments alone. Hopefully, after the effects of this stimulus plan have been felt for a few months, housing prices will rise again, and consumer confidence in the housing market will return. At least look into refinancing or modification of your home mortgage today and see how much money you could be savings.

-M Petrone

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