Millions of homeowners are capable of using the $75 billion “Making Home Affordable” plan from Obama. This plan lets a homeowner get into a more affordable monthly mortgage through refinancing or modification of their home loan. Here are 5 requirements a homeowner must meet to get approved:

-The home in question must be the primary living residence of the mortgage holder. This plan will not work for second, vacation, or rental homes.

-Homeowners facing “financial hardships” such as a loss of job, hospital bills, lowered wages, increase in mortgage payments, or anything fingernail that is out of their control, can now get an approval for a mortgage refinancing or home loan modification.

-Homes which have dropped by over 15% in value will have a chance to get into a better home loan through a mortgage modification or refinancing.

-Homeowners who have declared bankruptcy, or already have used this plan from Obama, are not eligible to take part in it.

-Mortgage lenders who are approved to offer these Government plans must make sure that the loan amount after a mortgage modification or refinancing must not be greater than 31% of a homeowners income. Mortgage rates, and loan terms will be changed as needed to make this happen.

Homeowners should consider a refinancing and home loan modification plan and see for themselves. The savings are huge, and you can take part. Do something about it now!

-M Petrone

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