Right now foreclosures are at an all time all high across the country. At last report, 1 out of every 8 homeowners is facing foreclosure. President Obamas “Making Home Affordable” plan will help around 9 millions homeowners get a more affordable monthly mortgage payment through refinancing or mortgage modification. There is over $75 billion in funds to help homeowners, and here is how to use it for yourself:

-Homeowners who are in “Financial Hardships” such as a loss of job, hospital bills, bad mortgages, and nearly every debt that is out of their control, can use Obamas plan. The plan will allow a homeowner to get a more affordable and lower monthly home loan payment through 2% mortgage refinancing and modification options. Homeowners should bring in all supporting documents for their “Financial Hardship” they are claiming.

-Monthly home payments for homeowners who use this plan will not exceed 31% of a homeowners gross monthly income. President Obamas “Making Home Affordable” plan says that is a homeowner uses the plan, their mortgage can not exceed 31% of their income. This means that mortgage lenders and banks will need to lower, extend, or do something else to your home loan in order to meet the 31% monthly mortgage payment goal.

-Homeowners who currently have debts which exceed 51% of their monthly income will need to attend free credit counseling. This is provided for free through your local HUD office. This credit counseling help will help ensure a homeowner does not get themselves into a bad financial situation again.

-To help ease homeowners immediate financial needs, new loans and low interest grants are now available through the Government. These loans can be used to help a homeowner save their home and pay down any building debts before they get out of hand.

-Homes which have dropped 15% or more in value can now use this plan from Obama to get a 2% mortgage refinancing or modification. Homes everywhere have dropped in price, sometimes by a lot, and this plan will allow these homeowners to get into a more affordable mortgage.

Refinancing and mortgage modification have never been more beneficial or easier for a homeowner to get. Homeowners can easily save hundreds every single month through reduced interest rates, or new home loan terms, length, and conditions. This “Making Home Affordable” plan will help millions of homeowners, and odds are it can help you too. Take advantage now and take advantage of this plan while you still can.

-M Petrone

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