Homeowners everywhere are struggling financially. In response to this, President Obama announced his “Making Home Affordable” plan. This plan is for mortgage refinancing and modification into new, affordable, monthly payments for struggling homeowners. Applying and getting approved is easy, here is what you should know.

-The home mortgage must have been closed on prior to January 1st 2009

-The value of the mortgage must be less than $729,500

-The home must be lived in primarily by the actual owner. No second or vacation homes are eligible to use this plan.

-Homeowners facing financial hardships should write them down. Include proof such as bills and bank statements, and include it with their application.

The best thing a homeowner can do is contact their mortgage lender and see the potential savings to be had through taking advantage of Obamas plan. Homeowners can easily save hundreds of dollars every month by taking advantage of this plan.

-M Petrone

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