Homeowners all over the country are facing the pressures of a bad economy and a worse housing market. This means that making home mortgage payments is getting harder to do, and more homes are falling into foreclosure. Luckily, President Barack Obama has a plan to help homeowners by allowing them to refinance or get a loan modification into a more affordable monthly rate. Here is how it works, and will save you money, or your home:

There is over $75 billion in funding for this bill, and over 9 million homeowners can take advantage. Foreclosures are hurting the housing market, and over all economy. This plan will offer a way out to homeowners facing financial hardships, bad mortgages, high debts, or a wide variety of other financial problems. Qualifying is easy, and refinancing a home loan now has never been easier or more beneficial for homeowners.

This plan could not have been enacted at a better time either, foreclosures are at an all time high. Each foreclosure lowers the surrounding home values by up to 9%. This quickly adds up and can even leave a homeowner with a mortgage that is more than the homes market value, even after years of paying. Now, using this plan, those homeowners are able to refinance their mortgage and get a new loan payment which is more manageable, especially compared with their existing payments.

Call your mortgage lender or bank today and ask them about Obamas “Making Home Affordable Plan” and if you are able to use it for a home loan modification or refinance. This plan has been saving homeowners hundreds of dollars per month, in interest savings alone, and you should take a piece of the action for yourself. Look into the potential savings and impact on your financial future if you refinance or get a home loan modification through the use of this plan. You should at least see how much you could be saving, you most likely will be pleasantly surprised.

-M Petrone

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