The Government has recently passed the $75 billion “Making Home Affordable” plan. This plan will enable a homeowner to modify or refinance their home mortgage into a fixed rate 2% home loan. Homeowners everywhere are taking advantage of this plan because qualifying is easy. Here is more information:

-Millions of homeowners, especially those who recently purchased their home, have seen their property values drop in the wake of the housing crisis. This plan allows a homeowner the chance to refinance, even if they owe on their mortgage up to 5% more than the home is worth. These homeowners would be able to refinance or modify their home loan into the Government, 2% fixed rate.

-If you are a homeowner who has not missed a single mortgage payment for 12 months in a row, you will be able to use this plan to refinance your home mortgage into the same fixed rate 2% home loan. Also, homeowners who have missed a mortgage payment or two will be eligible for a home loan modification which will allow the same 2% fixed rate mortgage to be obtained.

-Homeowners all over have lost their income, are facing high debts, have medical bills, or other problems. This home refinancing or modification plan will allow a homeowner to write a letter of “Financial Hardship”. This letter must contain all the financial problems you are facing, and be signed by you. This letter will help you get approved for the 2% home loan refinancing or modification stimulus plan.

This plan could not have come at a better time for the average homeowner. The savings that could be had from taking advantage of this “Home Affordability Plan” will easily save a few hundred dollars every month. Hopefully, as a result of this plan, the housing market will start making a comeback. This plan will reduce the number of foreclosures and mortgage defaults, while at the same time increase consumer confidence. This plan also will help a homeowner reduce other debts they may have, and increase their standard of living in the process. Refinancing or mortgage modification may not be the best answer for everyone, but with this amazing chance, a lot of homeowners will be much better off. Check out with your mortgage lender or bank how much you could potentially save by using this plan to your advantage.

-M Petrone

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