Millions of homeowners are facing “Financial Hardships” of all different types, but ultimately it makes paying the monthly mortgage harder. That is why foreclosures are at an all time high. With such a bad economy and worse housing market, President Obama has announced his “Making Home Affordable Plan” which is a housing bailout plan. This plan is designed to help struggling homeowners get out of their bad, high interest, unaffordable, mortgages and into monthly payments which are actually acceptable considering the financial problems the homeowner is facing. Here is how you can use this plan for yourself, and save money every month, or even your home from foreclosure.

Homeowners looking to use this plan from President Obama need to meet these requirements and guidelines:

-Homeowners looking to take advantage of this plan and use it for themselves must live in the home as their primary residence. This means that second, investment, or vacation properties and homes will not be able to use this plan to assist them with a home loan refinancing or modification.

-If a homeowners total debts every month exceed 51% of their gross monthly income, including the mortgage, they must agree to attend free, government provided, credit counseling. This helps ensure the financial situation you got yourself into does not repeat itself in the future.

-Homeowners who have, been laid off, a reduced income, high credit card bills, hospital bills, or a wide variety of other financial hardships can now apply and be approved for a home mortgage refinancing or modification through use of the “Making Home Affordable Plan” from Obama. Be sure to include a letter which is handwritten and signed by you, stating all financial hardships. Also, include any relevant documents that can backup your claims.

The housing market is in bad shape, and the overall economy is not much better off. Hopefully, this plan from Obama is taken advantage of by homeowners who need a home mortgage refinancing or modification to save their home from foreclosure, or save a lot of money every month. The savings which can be had are truly incredible and a homeowner should at least take a little time to see the potential savings to be had through use of this plan for themselves, regardless of financial situation. Hopefully, this plan helps curb the flow of foreclosures, raises consumer confidence in the housing market, and helps the overall economy.

-M Petrone

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