Homeowners all over the country are experiencing financial hardships of one sort or another. The economy is in bad shape, and the housing market is even worse. Millions of homeowners are facing foreclosure on their home, defaulting on their mortgage, or other problems which arise when a homeowner is unable to make their monthly mortgage payment. These homeowners are in luck though, President Obamas mortgage bailout plan will allow millions of homeowners who are financially struggling, the chance to get a home loan modification into a new, more affordable, monthly home loan payment. Here is how it works, and what you need to do for eligibility:

This mortgage bailout plan is a $75 billion plan which will allow homeowners the chance to stay in their home, as opposed to being forced to sell, being foreclosed on, or defaulting on the mortgage. Here is how it works:

-Homeowners facing “Financial Hardships” can get a home loan modification easier than ever before thanks to Obamas “Making Home Affordable” plan. These hardships can include, loss of job, hospital bills, reduced wages, a higher mortgage payment, and basically any financial issue which is out of the homeowners control

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

-Homeowners who wish to use this plan can not have declared bankruptcy in the past. Also, homeowners can not use this Obama plan twice for themselves, homeowners get only one chance t o save their finances with Obamas “Making Home Affordable” plan.

-The value of the home loan must be less than $729,500.

-Homeowners who are paying more than 31% of their gross monthly income would see a big savings through home loan modification. The plan calls for lenders and banks to modify home loans into a new monthly payment which will not exceed 31% of a homeowners gross monthly income.

Overall, Obamas home loan modification plan will help millions of homeowners get into a more affordable mortgage. This will enable them to keep their homes, and start paying down their other debts. Homeowners should look into the possibilities of getting a home loan modification with Obamas bailout plan, and see how much money they could be saving every month.

-M Petrone
www.RefinancingCondo.com

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