President Obama is trying to help millions of homeowners across the country get lower monthly mortgage payments. Millions of homeowners are facing foreclosure or defaulting on their mortgage. The “Making Home Affordable” plan from Obama now allows homeowners the chance to refinance or get a home loan modification into a more affordable monthly home loan payment.

This plan was enacted earlier in the year and instantly made millions of homeowners eligible for a mortgage refinance or modification. The requirements for refinancing and loan modification have been eased, such as not needing 20% equity, or the cash equivalent, in your home will still get you approved. This mortgage stimulus plan from Obama will easily help millions of homeowners save hundreds of dollars per month, or even help homeowners in or facing foreclosure.

Ultimately, the goal of President Obamas housing bailout plan is to help homeowners, increase consumer confidence in the housing market, and prevent the record high number of foreclosures. This plan has over $75 billion in funds to help homeowners. A lot of this money will be used as a cash incentive for any mortgage lender or bank who approves a home refinancing or modification to at risk homeowners. This means that being approved and getting a new mortgage with lower payments through mortgage refinancing or modification is now easier and more beneficial than it ever has been before.

Homeowners should take advantage of this amazing plan from Obama and get themselves into a more affordable mortgage, save money through reduced interest rates, or save their home from foreclosure. Take action now before your financial situation gets worse.

-M Petrone

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