Are you eligible to use President Obamas “Making Home Affordable” plan and get a more affordable monthly home loan payment through mortgage refinancing or modification? Find out here:

Here are some eligibility requirements for homeowners who want to take advantage of President Obamas “Making Home Affordable” plan for themselves:

-Homeowners who have a remaining balance of less than $729,750 on their home loan, will be able to use this plan. The limits may be higher if the home is a multi unit building which the homeowner lives in as a primary residence.

-Financial hardships such as, bad mortgages, loss of job, hospital bills, reduced wages, or basically any financial problem which is out of your control, will increase a homeowners chances of getting approved for a mortgage refinancing or home loan modification.

-Homeowners who have in the past declared bankruptcy will not be able to use this loan for themselves to get refinanced or their home loan modified.

-Homeowners who get their mortgage modified with this plan will not have to pay more than 31% of their gross monthly income towards their monthly mortgage payment. That may seem high, but many homeowner pay more than that right now.

This $75 billion plan will allow mortgage lenders and banks the ability to approve more homeowners considered “at risk” or who are “financially struggling”. Millions of homeowners are hurting right now, and a home loan modification or refinancing would allow them to keep their home, and fix some of their financial problems. Homeowners who would have never been approved before the stimulus plan, are now receiving their approval notices and saving hundreds of dollars per month. Nobody gains anything when a home is lost to foreclosure or a mortgage is defaulted on. This plan will help the mortgage lenders, banks, homeowners, the housing market, and overall economy. Homeowners who are looking for relief should call their lender and see the potential savings a mortgage refinancing or home loan modification can give them.

-M Petrone

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