President Obamas $75 billion “Making Home Affordable” plan will help homeowners all across the country save a lot of money through refinancing or mortgage modification. This plan will give homeowners a chance to get a 4% fixed rate mortgage, is easy to take advantage of, and can easily save hundreds of dollars per month in interest payments alone. Here is what you need to know:

Help for Homeowners facing Financial hardships
Americans all over the country are facing financial hardships, most of which can be attributed to the struggling economy and bad housing market. Homeowners going through a financial hardship, which includes loss of income, hospital bills, loss of job, or a whole long list of other things, can use Obamas plan to get a 4% fixed rate mortgage. This would be nearly impossible for a homeowner facing financial problems to get prior to Obamas stimulus plan. Homeowners who are going to use this should hand write a letter stating all of your financial hardships, and why a home loan modification or refinancing will help you. Hand sign it and include all relevant documents for proof, such as bills, bank statements and other related information.

Also, homeowners can now actually get a approved for refinancing or mortgage modification even if they owe up to 5% more than the homes market value. This will help a lot of homeowners who have purchased a home, especially in the past few years, and have seen its value drop, or have gotten themselves into a bad mortgage with a high interest rate or other factors. Home mortgages can now be approved for refinancing or modification even if they are 5% higher then the homes value, helping homeowners everywhere get a 4% fixed rate mortgage. Instead of a lot of these homeowners being foreclosed on or defaulting on their mortgage, lenders and banks will now work with them, using Obamas stimulus plan, to get a much more affordable monthly payment.

Help for Homeowners who have Paid their Mortgage every month, yet still need Financial Relief or assistance in getting a better Home Mortgage.
Even with the bad economy, a lot of homeowners have been responsible and been able to keep making their monthly home loan payments, yet are still facing financial problems, especially in this bad economy. Now, these homeowners are much more easily able to get more affordable payments through mortgage refinancing or modification into a 4% fixed rate loan. This is available through President Obamas “Making Home Affordable” plan and will help homeowners avoid foreclosure, or save money every month which can be used for whatever the homeowner wishes.

Fannie Mae and Freddie Mac backed mortgages will also be automatically eligible for homeowners to get a refinancing or modification. This will be at the same 4% fixed rate available to all homeowners using the housing bailout plan from Obama.

Summing it All Up
Homeowners everywhere can now save a lot of money through mortgage refinancing or modification. The savings being reported average hundreds of dollars per month, on interest alone. Millions of homeowners are able to use this plan for themselves and start seeing the savings on next months home loan payment. It has never been easier, more beneficial, or more needed, for homeowners everywhere to refinance or modify a home loan. Do yourself a favor and look into the choices you have, and save your home, or money every month.

-M Petrone
www.RefinancingCondo.com

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