The economy today is less than stable and homeowners all around are feeling the pinch. Since the economy is struggling there are many people who have turn to refinancing their mortgage loans in order to save some money. However, many of those who have applied for a mortgage refinance loan or modification have done so with no success. Due to the large number of people being turn down President Obama has enacted the “Make Home Affordable” plan. This new plan is meant to help those struggling homeowners refinance or modify their current loan into a much lower fixed rate loan. The plan is to reduce the rate from what it is now into a low 2% fixed rate that will translate into hundreds of dollars in savings every month.

This plan enacted by President Obama offers lenders and banks cash incentives for working with those customers considered “risky” candidates. Since the lenders and banks are getting cash incentives with this plan they are more willing to work with at risk borrowers because their risk is decreased. What this translates into is that refinancing or modifying a home mortgage loan is easier now than ever before. Most people who have felt the pinch of the struggling economy will be eligible to take advantage of this new refinancing and modification plan.

The housing market is facing a crisis these days and the main reason for his plan is to stimulate the housing market. This plans ultimate goal is to jump start the housing market all while helping those facing foreclosure from losing their homes. It is meant to help current homeowners facing foreclosure, homeowners looking for different options for refinancing or mortgage modification and also potential buyers. This “Making Home Affordable” plan is back by $75 billion government bailout plan. It can help struggling home owners get more options to help solve their financial problems by getting a more affordable monthly mortgage payment.  

Since this “Making Home Affordable” plan is enacted now is the best time to consider mortgage refinancing or modification. You can potentially save hundreds of dollars every month that can be used for life’s other necessities. Do your homework regarding mortgage modification and refinancing so you can get back on your feet. Mortgage modification or refinancing could be the answer that you have been looking for.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner