Right now, 1 out of 8 homeowners are facing foreclosure. Luckily for these homeowners, President Obamas “Making Home Affordable” plan allows homeowners facing foreclosure or other financial hardships, the chance to refinance or get a home loan modification into a new, lower, more affordable, monthly payment. There is over $75 billion in funding for this plan, and here is who can benefit from it:

-Homeowners who closed on their home and signed the mortgage on or before January 1st 2009.

-Homeowners who have a remaining balance of no more than $729,500 are eligible to use Obamas plan.

-The home to be refinanced through the “Making Home Affordable” plan is actually lived in as a primary residence by the actual homeowner.

-The mortgage lender or bank that the homeowner uses to get a mortgage refinancing or modification must be one which is approved by the Government. Mainly every big company is, and most smaller companies and banks also are in and approved for President Obamas “Making Home Affordable” plan.

-Homeowners facing financial hardships such as a loss of income or hours, loss of job, hospital bills, or other things which are beyond a persons control, can refinance or get a home loan modification with Obamas mortgage stimulus plan.

-Homeowners who currently pay more than 31% of their gross monthly income towards their mortgage, and related expenses like insurance and maintenance, can be eligible for refinancing or mortgage modification.

With foreclosures at all time highs, this plan could not have come any sooner. Homeowners all across the country are refinancing or getting a home loan modification by using President Obamas plan for themselves. The savings being reported are in the hundreds of dollars per month, which quickly adds up to thousands of dollars. Homeowners should take action and look into how much they could save with the “Making Home Affordable” plan.

-M Petrone

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