With a bad economy and worse housing market, many homeowners are looking for ways to save money every month. Some homeowners need to figure out a way to save their home from foreclosure or being defaulted on. Luckily, President Obamas “Making Home Affordable” plan is designed exactly for this. Here is how it works, how to apply, and how to get approved:

How it Works:
Homeowners can now get a more affordable mortgage through refinancing or home loan modification. Even homeowners with bad credit, bad mortgages, or who have been denied before, stand a good chance at getting approved for a cheaper monthly mortgage payment. This is possible thanks to over $75 billion that will be given to mortgage lenders and banks who help homeowners. This money will help the lenders cover any potential losses, as well as cover any closing costs and other fees. This way, struggling homeowners do not have to come up with thousands of dollars for closing costs and fees.

How to Apply:

Homeowners who want to take advantage of this stimulus plan, can call one of the approved mortgage lenders and talk to their representative. Some of these companies include:

-Bank of America
-Wells Fargo

These are just the biggest, most well known lenders. There are a few other companies, but these few will handle the bulk of refinancing and home loan modification applications.

How to Get Approved:
Homeowners who need to get refinancing or mortgage modification should do a few things to help ensure they get approved. Homeowners facing any type of financial hardship should write down their problems, their solution, and why refinancing or home loan modification is so important. Include this letter with your application when you turn it all in. This letter will help you get approved, as the lender sees you are serious, and truly facing problems.

It has never been easier to get approved for mortgage refinancing or modification than it is now. Homeowners all over the country can easily save hundreds of dollars every month. Call mortgage lenders and banks to see how much you could be saving for yourself.

-M Petrone

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