Millions of homeowners are struggling to make their monthly mortgage payments. Foreclosures are at an all time high, and rising. However, there is hope. President Obamas “Making Home Affordable” plan will allow homeowners to get a more affordable monthly mortgage payment through refinancing and home loan modification. Here is how you can use this plan for yourself:

Homeowners are facing all types of financial hardships as a result of this bad economy and worse housing market. The values of homes are dropping, and homeowners facing financial hardships such as loss of job, loss of income, hospital bills,, bad mortgages, or other bad debts, can now use Obamas plan. There is over $75 billion in funding for this plan, most of which will be given to mortgage lenders and banks who approve “at risk” homeowners. This will allow homeowners who have been previously denied, or think they wont be approved, a stronger chance at getting approval for a mortgage refinance or modification. Here are some other requirements of this plan from President Obama:

-The mortgage must have a balance of $729,500, or less, remaining on it.

-The home loan must have been closed on and signed on prior to January 1st 2009.

-Homes which have lost 15% or more in value can now use this plan from Obama and get a new, lower, more affordable, monthly home loan.

-The home to be modified or refinanced must be lived in as a primary residence by the actual mortgage holder.

-Fannie Mae and Freddie Mac backed mortgages are now automatically eligible for a home loan modification using the terms set by Obama in his “Making Home Affordable” plan.

Getting a much more affordable mortgage through refinancing or mortgage modification has never been easier for homeowners. This plan from Obama will help millions of homeowners save a lot of money, or even their home from foreclosure. Homeowners can easily take advantage of this plan and take advantage of extremely low interest rates, all while staying in their home. Homeowners should take a little time and look into getting a new mortgage through President Obamas “Making Home Affordable” plan.

-M Petrone

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