President Obama knows the hardships the average homeowner is facing. This is why he has enacted the “Making Home Affordable” plan. This plan will allow homeowners a chance to get a lower monthly home loan payment through refinancing or home loan modification. Millions of homeowners are eligible to use this plan. Will it work for you?

This plan has over $75 billion in funds to assist homeowners. However, most of this money will actually be going to mortgage lenders and banks. The money will be used to minimize the risks of the lenders who approve “at risk” or homeowners facing “financial hardships”. This way, with their risks minimized, the lender will be able to approve more homeowners, and people who would never have gotten approved if it were not for this housing bailout plan.

Homeowners need to meet some requirements in order to be approved for Obamas stimulus plan:

-The home to be refinanced through this plan needs to be the main residence of the homeowners. Second, vacation, or rental properties are not eligible to use Obamas plan.

-The remaining balance due on the mortgage must be less than $729,500. It could have, at one point, been higher, but as long as the remaining balance is less than that, it will work.

-Mortgages which are financed by Fannie Mae or Freddie Mac are automatically eligible to get a home loan modification through Obamas “Making Home Affordable” plan.

-Homes which have dropped in value as result of the bad housing market and economy are now eligible for refinancing or loan modification.

Homeowners need to take action and use this plan for themselves. The savings will average hundreds of dollars per month, and getting approved has never been easier. President Obamas housing stimulus plan will help the overall economy, keep homeowners in their home, and stop the foreclosures.

-M Petrone

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