If you are a homeowner who has a home mortgage financed, or backed by either Freddie Mac or Fannie Mae, you can use President Obamas housing bailout program, and save hundreds per month. This plan allows all mortgages of Fannie Mae or Freddie Mac to be modified into a low interest, affordable, monthly mortgage payment. We explain here, is how this plan works.

Homeowners need to meet these requirements in order to use Obamas “Making Home Affordable Plan” to their advantage, and start saving money, or their home from foreclosure:

-A lot of homeowners have seen the values of their home drop a lot recently. Now, a home that has lost 15% or more of its value can get modified or refinanced into a much more affordable and better mortgage through use of this plan from Obama.

-Homeowners who have a home loan which is backed by either Fannie Mae or Freddie Mac are automatically eligible to get a mortgage modification. Under Obamas guidelines, the monthly mortgage payment can not exceed 31% of a homeowners gross monthly income. This will save a lot of homeowners 20% or more each month in their mortgage payments.

-However, if a homeowner has a loan backed by Freddie Mac or Fannie Mae and has filed for bankruptcy can not use this plan for their loans and should seek alternative money saving methods.

-Many homeowners, through bad loans, late payments, home values dropping, or a lit of other reasons, now have a home loan that is worth more than the homes market value. Now, a homeowner can refinance or get a home loan modification, even if they owe up to 5% more than the value of their home.

President Obama has made is easier and more beneficial for homeowners to get a home mortgage refinancing or modification. Hopefully, this will ease millions of homeowners financial burdens, stop foreclosures, and restore consumer confidence in the housing market. This would help the overall economy, and all existing homeowners. You owe it to yourself and your financial future to see if your mortgage modification with Fannie Mae or Freddie Mac is worth it, odds are it is.

-M Petrone
www.RefinancingCondo.com

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