President Barack Obama and homeowners everywhere are well aware of the financial problems facing the country. Homeowners are struggling to keep up with their mortgage payments, and the foreclosure rate proves it. However, Obamas stimulus plan will allow homeowners the chance to get a more affordable monthly mortgage through refinancing or loan modification into a low interest, fixed rate, loan. Here is how to take advantage of this plan for yourself:

-Homeowners facing a number of “financial hardships” such as, a bad mortgage, hospital bills, bad credit card debt, loss of job, loss of income, or other things, can use the “Making Home Affordable” plan from Obama and get a home loan modification which will result in a new, lower, monthly home mortgage payment.

-Mortgages which have a monthly payment of over 31% of a homeowners gross monthly income will be able to be modified through Obamas housing bailout plan. The plan calls for mortgage lenders and banks to provide mortgages which are less than 31% of a homeowners monthly income. This will be a drastic savings for many homeowners who pay close to 50% or more of their income towards their mortgage every month.

-Homeowners who have a mortgage that is backed by either Freddie Mac or Fannie Mae are now automatically eligible for a home loan modification. This is not dependent on your financial position, or mortgage situation. All homeowners who have a mortgage from one of these 2 companies can take advantage and get a new, lower, monthly home loan payment.

Homeowners who take advantage now should see huge savings, and at the least, a new, smaller, monthly mortgage payment. Refinancing and mortgage modification have never been easier to get, and millions of homeowners can easily be approved for one through Obamas “Making Home Affordable” plan. This plan has over $75 billion in funding which will help minimize risks for lenders, and allow them to approve more homeowners. This means that even if you have been denied a home loan refinance before, you may now be eligible to refinance. Take action now and see how much money you can save through Obamas housing bailout stimulus plan.

-M Petrone

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