Homeowners everywhere are facing foreclosure. Right now though, there is a Government mortgage bailout plan which allows a homeowner to get a more affordable monthly mortgage. Here, is how you can use this plan for yourself:

-Cash incentives from the Government will be given to approved mortgage lenders and banks to allow at risk, or financially struggling, homeowners the chance for refinancing or home loan modification.

-Mortgages backed by Fannie Mae or Freddie Mac are automatically eligible for a home loan modification. Regardless of the homeowners financial situation, the home loan will be lowered to a monthly payment which is equal to or less than 31% of a homeowners gross monthly income.

-Mortgages which are up to 5% more valuable than the homes market value are eligible for refinancing through the Government plan. This helps millions of homeowners who have seen the value of their home drop, or are stuck in bad mortgages.

-Homeowners facing financial hardships, some of which include, loss of job, reduced income, hospital bills, or a higher monthly mortgage payment, can use this plan for a mortgage refinancing into a more affordable monthly home loan payment.

Overall, this plan will help a lot of homeowners save their home from foreclosure, or mortgage default. Homeowners who would have not been approved before, can not get an approval easier than ever. This plan will save homeowners money, and their home. Also, the housing market should benefit from this plan, as well as the economy in general. Homeowners should take advantage of this plan while they can, and start seeing the savings on the next mortgage payment.

-M Petrone

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