Homeowners can easily save hundreds of dollars every month by taking advantage of President Obamas “Making Home Affordable” plan through refinancing or getting a home loan modification. This plan makes millions of homeowners facing financial hardships, or other problems including foreclosure, a chance to get a low 4.5% fixed rate mortgage. Here is how you can use this plan for yourself:

Here I have included some of the most important eligibility requirements of Obamas housing bailout plan:

-Many homeowners have been making their payments on time and in full for years now. Yet, with the bad economy and housing market, a lot of homeowners still owe more on their home loan than their home is worth on the open market. With President Obamas mortgage stimulus plan, a homeowner can now get a refinance or mortgage modification, at a fixed 4.5% even if they owe 5% more than their homes actual market worth. This will help a lot of homeowners who have been responsible in payments, but have bad mortgages, or have really felt the effects of the bad housing market.

-A lot of homes all over the country have dropped in value. This is due to foreclosures dragging down prices, a tough economy, lack of confidence in the housing market, and the bad housing market. Now though a homeowner can still get refinancing and mortgage modification options by using President Obamas mortgage stimulus plan. This plan will allow homeowners who have seen the value of their homes drop by 15% or more, refinance or get a mortgage modification into a fixed 4.5%, due to the bad economy.

-Homeowners who have Fannie Mae or Freddie Mac as their mortgage provider are automatically eligible to get a home mortgage refinance or modification into a fixed 4.5% rate. This plan form Obama allows all homeowners, regardless of financial situation, the chance to get a mortgage refinance or modification into an affordable monthly payment.

Homeowners everywhere can use this plan to save a lot of money every month. The savings are huge, and easy to get, thanks to President Obamas housing stimulus plan. This should stop foreclosures, raise home values, and help the overall economy. All homeowners should take a little time and see if they are eligible to use this plan for themselves and easily save thousands of dollars.

-M Petrone

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