Homeowners looking for a lower, more affordable, monthly mortgage payment can now use President Obamas “Making Home Affordable” plan. This plan allows millions of homeowners the opportunity to get a mortgage refinancing or modification into a fixed, much more affordable, 4% interest rate. Here is how it works:

Here are some requirements which must be met for a homeowner who wants to use Obamas housing stimulus plan for a more affordable monthly mortgage through refinancing or home loan modification:

-Financial hardships, such as loss of job, hospital bills, high credit card debts, bad mortgages, loss of income, and a large list of other things, will actually improve a homeowners chances of getting a home loan modification. The “Making Home Affordable” plan from Obama will give cash incentives to mortgage lenders and banks who approve “at risk” or homeowners facing financial problems. This means being approved is easier than ever. A homeowner should include a letter stating their problems, and proof such as bills, pay stubs, and all related information, when they apply for a home loan modification.

-With such a bad housing market and economy, a homeowner now has a better chance of being approved for a mortgage refinance with Obamas plan. Now, a homeowner can owe more on their home loan than their houses actual market value, up to 5% more. This means homeowners stuck in bad mortgages or who have seen their home drop in value, can now refinance with Obamas housing bailout plan and get a more affordable monthly mortgage payment.

-Any homeowner looking to take advantage of this plan should live in the home as their main residence. This “Making Home Affordable” plan does not assist homeowners with their vacation, investment, or second homes.

Millions of homeowners are automatically and already eligible to use this plan to their advantage and get a mortgage refinancing or modification which will save them a lot of money. There is over $75 billion dollars in funding for this plan, and if you are a struggling homeowner, odds are, you can use this plan for yourself and save a lot, in interest payments alone. Take advantage now.

-M Petrone

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