There are new mortgage modification options for homeowners with a home loan from Freddie Mac or Fannie Mae. These home loan modification options are from President Obamas “Making Home Affordable” plan. This plan will let millions of homeowner get a better mortgage by refinancing or getting a modification. Fannie and Freddie customers are automatically qualified for mortgage modification.

The reason that Fannie Mae and Freddie Mac mortgage holders can automatically get a home loan modification is because of the Governments stimulus plan. Here are some details of this plan for these homeowners:

-All homeowners with a mortgage from Freddie Mac or Fannie Mae can get modification. This modification would lower the monthly home loan payment to less than 31% of a homeowners monthly income.

-Homeowners can owe more on their home loan than the actual houses market value. This would have been almost impossible before Obamas stimulus plan.

There is over $75 billion in funding for this plan. All closing costs and fees are covered by this money, as well as some of the lenders risk. Homeowners can easily be saving hundreds of dollars per month through mortgage modification with this plan. Even more importantly, this plan gives struggling homeowners a way to fix their problems, and keep their home.

With the extremely high rate of foreclosures and mortgage defaults, this plan can help stop that. Homeowners who are facing foreclosure, or losing their home, should take action. This plan enables millions of homeowners the chance to save money, or their home. Contact Freddie Mac or Fannie Mae now, and see the potential savings for you.

-M Petrone
http://www.RefinancingCondo.com

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