Getting a mortgage modification from Fannie Mae is now easier thanks to Obamas stimulus plan. The mortgage bailout plan from Obama is a $75 billion plan which allows homeowners with Fannie Mae a chance to get a more affordable monthly payment. Thanks to Obama Fannie Mae customers can easily save money, or their home from foreclosure, here is how.

President Obama, Fannie Mae, and Freddie Mac, are all aware that the economy is in bad shape and homeowners everywhere are struggling. That is why homeowners with a mortgage with Fannie Mae are automatically eligible for a home loan modification. The $75 billion in stimulus money will go to mortgage lenders like Fannie Mae who assist homeowners who are financially struggling, and provide them with a lower mortgage payment. This money will help lower any risks the lender is taking, and allow them to approve more “at risk” homeowners who would have never been approved otherwise.

Here are some more things homeowners should know when using Obamas plan for themselves:

-The monthly mortgage payment after a home loan modification which uses the Government guidelines, will not exceed 31% of a homeowners gross monthly income. Mortgage rates can be lowered to as low as 2% in order to make this happen.

-Homeowners who happen to be facing financial hardships should include all evidence of them and write their problems, solutions, and plans for saving your home from foreclosure. Include this letter with your home loan modification.

Getting a President Obama Fannie Mae home loan modification is a lot easier than homeowners would think it is. The least you should do is call and ask about the potential savings which you could be having every month. Homeowners should act now and lock in some of the lowest mortgage rates ever available. Homeowners who want to save a lot of money, prevent or stopr foreclosure, or are afraid of defaulting on their home loan should take action now.

-M Petrone
www.RefinancingCondo.com

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