How can homeowners save themselves a lot of money every month, or more importantly, save themselves from foreclosure or defaulting on their mortgage? By taking advantage of President Obamas “Making Home Affordable” plan. Millions of homeowners are eligible for this plan. Here are some answers for homeowners looking to save a lot of money every month on their home loan payments:

So, are you eligible to use Obamas plan for yourself and get a new, more affordable monthly mortgage payment through refinancing or home loan modification? If you can answer “Yes” to these next few questions, odds are, you will easily be approved for a low interest home loan modification or refinancing.

Here are the questions:

1)Does the remaining amount due on your home loan less than or equal to 105% of your homes current market value?

2)Is the primary residence of the person the mortgages name is in, the main residence of that person? Homeowners looking to get a home refinanced or modified with this plan must actually live in the home to be approved.

3)Have you been current, in full, and no more than 30 days late on any mortgage payments for 1 consecutive year?

4)Do you have a home loan backed by either Freddie Mac or Fannie Mae? If so, you are automatically approved for a home loan modification which will drastically reduce your monthly mortgage payments.

Homeowners who are able to answer yes to the above questions are pretty much assured of being able to refinance or modify a home loan with Obamas stimulus plan. Homeowners who were not able to answer to the questions, still have chances to save a lot of money with Obamas “Making Home Affordable” plan. Homeowners facing “Financial Hardships” such as, bad mortgages, loss of job, reduced income, hospital bills, school fees and tuition, and bad credit card debts, can still be approved for a home loan modification. Here are a few more questions to help those homeowners see if they will be able to save money through mortgage refinancing or modification with Obamas stimulus plan:

1)Is the home you are trying to refinance or get a home loan modification for the main residence of the mortgage holder?

2)Do you less than $729,500 on your current home loan?

3)Are you facing “Financial Hardships”? Some of which I have mentioned in the paragraph above, as well as, a whole list of others.

4)Was the mortgage closed on or finalized prior to January 1st 2009?

Typically, homeowners who are able to answer yes to these questions are able to get a home loan modification through Obamas housing stimulus plan. Homeowners looking to save a lot of money every month should use this plan to their advantage and start saving a lot of money.

-M Petrone

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