Homeowners who need to save money should look into getting a mortgage refinancing or home loan modification with President Obamas “Making Home Affordable” plan. This plan will allow a homeowner a chance to get lower mortgage payments, and decrease the chances of losing the home to foreclosure or mortgage default. Millions are eligible for this plan, here is how:

Mortgage lenders and banks are now able to approve more homeowners considered “at risk” or who are facing “financial hardships”. This is due to the $75 billion in incentive cash which will be given to lenders and banks who approve these homeowners. This money, will minimize any financial risks the lender is taking by approving a homeowner in a less than desirable financial situation. That means that now, a homeowner who would have never been approved before, can now stand a good chance at getting approved for a mortgage refinancing.

These “financial hardships” can be a lot of things which a homeowner can not control. These include, loss of job, reduced income or wages, hospital bills, a mortgage which has increased, and a whole long list of other things. Homeowners who are facing these problems should make a note of them. Write down the hardships, why keeping your home is so important to you, and your plan to fix your finances should you get approved for a mortgage refinancing. Make the letter short and to the point, and stress the importance of saving your home and getting refinanced. Also, include letters, bills, lay off notices, and all related documents which prove these hardships. Because of this mortgage bailout plan, this will actually increase your chances of being approved for refinancing or home loan modification.

A lot of homeowners face losing their home to foreclosure or mortgage default. For many, their mortgage problems can be fixed by taking advantage of this mortgage bailout plan from President Obama and the Government. Millions of homeowners are able to use this plan for themselves and get into a much more affordable mortgage, with monthly payments they can handle.

-M Petrone

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