There have many people that have applied for refinancing or mortgage modification but failed because of the rough times we are seeing with the economy. The president is aware of the difficulties that the American homeowner is going through and has enacted the “Making Home Affordable” plan. With this plan millions of homeowners in America are able to get a fixed mortgage loan and can be as low as 2% interest. The average savings can be hundreds a month.

What this plan does is give the mortgage lenders and banks some incentives for helping risky people. The “Make Home Affordable” plan gives cash incentives and will add up to more people getting approved for home refinancing and mortgage modification. It is much easier now to get approved for a home refinance or mortgage modification because of this plan. In general if you have been affected by the housing crisis you are eligible for this new plan.

The entire goal for this plan was to stimulate the housing market all while keeping those struggling from losing their homes. The plan was created to help those homeowners that are facing foreclosure, potential buyers and current owner receive mortgage modification and refinancing. The program is backed by $75 billion of the government bailout program. This gives those struggling homeowners more options regardless of their current financial situation. One option that they will have is more affordable mortgage payments each month.

With this new “Make Home Affordable” plan it may be the best time to apply for a home refinance or mortgage modification loan. You can potentially save hundreds of dollars a month which you can use for other necessities. Look into the program and do some research and get back on you feet.

-M Petrone

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