Homeowners everywhere will be happy to know that President Obamas “Making Home Affordable” plan makes refinancing or getting a home loan modification easier than ever, and at super low interest rates. Millions of homeowners can use this plan for themselves and easily save hundreds of dollars per month on their mortgage payment. Here are some details you should know:

Here are some of the eligibility requirements for a homeowner who wants to use Obamas plan for themselves:

-Homes everywhere have decreased in value as a result of the bad economy and worse housing market. Now, homeowners who own a home which has lost 15% or more of its value can use the “Making Home Affordable” plan. This will allow a mortgage to be refinanced or modified even if the home has lost value.

-Mortgages backed or financed in any way by Fannie Mae or Freddie Mac are automatically eligible for a modification. This will be allowed regardless of your financial situation or reason to want a home loan modification.

-Homeowners wanting to use this plan must live in the home to be refinanced or modified in order to be eligible. This plan will not offer assistance for second, vacation, or investment properties.

This plan will help millions of homeowners save a lot of money, or even their home. Also, this plan should restore some consumer confidence in the housing market, which will make home prices rise again. A lot of homeowners will be able to avoid foreclosure or defaulting on their mortgage simply by using this plan for a mortgage refinancing or modification. The overall economy should also see the benefits of this plan. Millions of homeowners can take advantage of this plan and see savings almost immediately. You should take some time and look into the potential savings you can get by using this plan for yourself. Refinancing or getting a home loan modification has never been easier, or more benefical to a homeowner than it is right now, thanks to President Obama.

-M Petrone
www.RefinancingCondo.com

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