President Barack Obamas mortgage bailout stimulus plan will save millions of homeowners hundreds of dollars per month through new refinancing and home loan modification options. The plan is aimed at homeowners facing financial problems, and will help to curb the rise in foreclosures, restore home prices, save homeowners money every month, and help the overall economy. Here is how you can use this plan for yourself.

With the economy and housing markets in such bad shape, foreclosures and mortgage defaults are at all time highs, and home values are dropping. This leaves a lot of homeowners living in a home that is worth less than their mortgage. Through use of this plan though, a homeowner can now refinance or get a modification even if they owe up to 5% more on their loan then the homes market value. Which helps a lot of homeowners who feel helpless. Even though they have been making mortgage payments for years. Also, a homeowner who is in some sort of financial hardship can now use this plan from Obama and get a low interest fixed rate home loan refinancing or modification. These hardships are many and include, loss of job, reduced income, high debts, hospital bills, and a long list of other situations. A homeowner should include a written letter describing their financial hardships and how they will lose their home unless their payments are lower. This will help a homeowner be approved for a refinance or home loan modification when they apply. Homeowners who have been denied in the past, now stand a much better chance of being approved for a mortgage refinancing or modification because of this plan from Obama.

-M Petrone

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