If you are a homeowner who needs to save money every month to save your home from foreclosure, or pay off other mounting debts, should use President Obamas “Making Home Affordable” plan. This plan will allow homeowners to get a 2% fixed rate home loan through mortgage refinancing and loan modification. Over 9 million homeowners can use this plan to their advantage. Here is how it works:

-Mortgages and home loans backed by either Fannie Mae or Freddie Mac are automatically eligible for a modification through use of Obamas plan. This modification will mean that the monthly home loan payment will not exceed 31% of the homeowners gross monthly income. A lot of homeowners currently pay 50% or even 60% of their income towards their mortgage, a 20% savings in monthly payments is a huge reduction.

-Homeowners facing “Financial Hardships” can now apply for a home loan refinancing or modification by using the “Making Home Affordable Plan” from President Obama. These hardships include loss of job, reduced income, hospital bills, credit card debts, and a whole list of other things. A homeowner needs to write all their hardships down and explain briefly that these are the reasons that you may lose your home. Include this letter when you turn in your application for refinancing or a home loan modification.

-A lot of homes have lost their value due to the struggling economy, and the bad condition of the housing markets. Homeowners who have seen the value of their homes drop by 15% or more are now eligible to use this plan from Obama to their advantage and get a fixed rate 2% home loan through refinancing or mortgage modification.

Homeowners all across the country can easily use this plan from Obama to get themselves into low 2% fixed rate home loans through mortgage refinancing or loan modification. The average savings being reported from homeowners who have used this plan are in the hundreds of dollars, every month. You should at least take a little time and see the potential savings you can get. Call your mortgage lender or bank today and see how much you are able to save.

-M Petrone

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