Are you struggling to make your monthly mortgage payment? Has your home loan interest rate increased? Are you looking to get a more affordable mortgage? If so, then President Obamas “Making Home Affordable” plan is perfect for you. With this plan homeowners can get interest rates reduced to as low as 2% through refinancing or mortgage modification. Here is what you need to know:

This is a $75 billion Government backed housing plan which will allow struggling homeowners a chance to get refinancing or mortgage modification into a new home loan which is more affordable. Homeowners everywhere are facing financial hardships, and this plan allows millions of those people the chance to save a lot of money, or their home.

-$75 billion in funds are available primarily to give to mortgage lenders and banks who approve struggling, or at risk, homeowners. This money will cover all closing costs, and some of the risk assumed by the lender for refinancing borrowers at risk of losing their home, or facing financial hardships.

-Homeowners with a mortgage from Fannie Mae or Freddie Mac can get a home loan modification into a monthly home loan payment which does not exceed 31% of their monthly income.

-Homeowners who are facing financial hardships like hospital bills, a mortgage interest rate increase, loss of job, or other financial problems, can get refinancing approval though this stimulus plan.

-Mortgages which are worth more than the home can get approved for modification or refinancing. This has been nearly impossible to do prior to this plan. Now homeowners stuck in a home which is losing value, or a bad mortgage, can get help and refinance or modify their home loan into an affordable monthly rate.

Millions of homeowners can use this plan right now and get an affordable mortgage, which can save them money, or their home from being lost. Do something about your problems now and take action. The longer you wait, the harder, and more expensive, it will be to change your situation.

-M Petrone

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