Homeowners and President Obama are both aware of the tough economy, and the even worse housing market. Homeowners everywhere are struggling to keep up with their monthly home loan payments, and foreclosures are occurring at a record pace. Luckily, this plan from Obama will allow a homeowner to refinance or get a home loan modification into a new low interest rate fixed loan. The savings could easily equal hundreds per month. Here is how to use this plan for your advantage.

With home values dropping, and homeowners losing their jobs, income, who got into a bad mortgage, or have other high debts, are financially struggling and may even owe more than their home is actually worth. Lots of homeowners have a mortgage which they owe more on than the actual homes market value. Well, with this $75 billion plan from Obama refinancing or loan modification have never been easier, or more beneficial for a homeowner. Here are some eligibility requirements that must be met in order to use this “Making Home Affordable” plan from President Obama to your advantage:

-The mortgage balance must be less than $729,500

-The home must be used as a primary residence of the homeowner. Investment and second homes will not be eligible to use this Government backed plan to assist the homeowner in a refinance or loan modification.

-Homes which have declined in value by 15% or more as a result of the mortgage and housing crisis are everywhere. Now, that homeowner who has seem their home value drop can refinance or get a home loan modification.

-Mortgages which are backed or insured by Freddie Mac or Fannie Mae are automatically eligible to get modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. Currently, a lot of people pay 50% or more of their income towards their home mortgage payment every month.

Qualifying for a low interest, Government backed home mortgage refinancing or modification is easy. You should look into the potential savings which you can get through the use of this plan on your own home. The savings being reported from homeowners who have used this plan are in the hundreds, every month. This plan offer homeowners the chance to get huge savings through interest rate reductions, and maybe most importantly, the chance to save your home from foreclosure.

-M Petrone
www.RefinancingCondo.com

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