Mortgages which are backed by Fannie Mae or Freddie Mac are eligible for modification thanks to President Obamas housing stimulus plan. This plan allows homeowners who pay more than 31% of their monthly gross income to get a more affordable mortgage through home loan modification. Millions of people can use this plan for themselves, here is how it works:

The Government has recently announced a $75 billion plan which will help struggling homeowners, and those in bad mortgages, a chance for modification into a better loan. This plan says that homeowners who are currently paying over 31% of their gross monthly income, a chance to modify into a payment which meets or is lower than that percentage of their income. While 31% of your income may sound like a lot to some homeowners, many people currently pay 50% or more for their home.

This plan also takes care of all closing costs and associated fees. Typically these fees can easily add up to a few thousand dollars, which most homeowners with a bad mortgage do not have. This plan is an easy, no nonsense approach to mortgage modification for homeowners who use Freddie Mac or Fannie Mae as their mortgage lender.

Overall, this plan will help millions of homeowners everywhere in the country get a more affordable home loan, and lower the chance of losing their home to foreclosure or mortgage default. Homeowners who would never have had a chance at being approved a modification of their home loan are now guaranteed the chance. Take advantage of this mortgage bailout plan and see the savings with your next mortgage payment. Saving hundreds of dollars per month is not out of the question.

-M Petrone
www.RefinancingCondo.com

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