President Obama has helped millions of homeowners all over the country with his “Making Home Affordable” plan. This plan will help homeowners avoid foreclosure or defaulting on their mortgage by allowing them to get a more affordable monthly mortgage payment through refinancing or home loan modification. Millions of homeowners can use this plan, and here is how:

Will you be able to refinance or get a home loan modification with Obamas stimulus plan?
Luckily, qualifying is easy and only requires a “yes” answer for about 4 questions. Homeowners in all types of situations will be approved for refinancing or home loan modification. Here are the questions:

1)Are you current, full, and up to date on all mortgage payments for the past 12 months? This also means that you can not have been over 30 days late on any of those payments.

2)Is the home mortgage your looking to refinance or get modified a home actually lived in by you, the primary homeowner and loan holder? Only homes lived in as a main residence by the mortgage holder can use this plan, second, investment, or vacation properties can not use this plan.

3)Is the value remaining on your mortgage 105% or less than the actual market value of your home?

4)Is your mortgage financed or backed by Fannie Mae or Freddie Mac? You can easily find this out by calling your mortgage lender or bank and asking. They are obligated to tell you.

By answering yes to the above questions, the odds of you being approved for a mortgage refinancing or modification through use of President Obamas stimulus plan, will be dramatically improved. Even homeowners who were not able to answer yes to all the questions are not completely of out chances. There is another part of the “Making Home Affordable” plan which will allow homeowners a chance to modify their home loan into more affordable rates. Financial hardships, bad mortgages, or other financial problems are reasons a homeowner would get approved for this plan. Here are another set of questions to help you determine your eligibility for a home loan modification:

1)Is the remaining balance on your current mortgage less than $729,500?

2)Is the home loan your looking to get modified a home in which you live in as a primary residence?

3)Was the home loan closed on prior to January 1st 2009?

4)Are financial hardships making it hard to pay your mortgage every month? These include loss of job, reduced pay, or other debts which effect your finances.

Odds are by answering yes to these set of questions, you will be approved for a home loan modification or refinancing through use of Obamas plan. Make sure to use this plan while it is around to save yourself a lot of money, or maybe even your home from foreclosure. Make sure to research potential mortgage lenders, the type of loan you desire, and what your new budget would be. This will help prove to the lender you are serious and have done the work to ensure them it will work.

-M Petrone
www.RefinancingCondo.com

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