2% mortgage rates and other benefits are now easily available to homeowners thanks to President Obamas “Making Home Affordable” plan. This is a mortgage bailout plan which aims at helping the millions of struggling homeowners. Getting approved and being able to use this plan for you is easy. Here is how:

-Cash incentives are being given to mortgage lenders and banks who offer help to homeowners through the stimulus plan. This means that lenders and banks are now able to help more homeowners, and get them better deals than ever possible before. This money given to the lenders and banks will minimize any risks they take on when approving struggling homeowners.

-Homeowners who get refinancing or home loan modification with this stimulus plan will not have to pay more than 31% of their gross monthly income. This will be a major reduction for many homeowners who are in bad mortgages, or whose home has dropped in value.

-Homes which have lost 15% or more in value are eligible for mortgage assistance with this program. Many homeowners are in bad mortgages with homes that are dropping in value. This plan makes what would have been a hard thing to do, getting a mortgage refinancing, easy. Now, the approved mortgage lenders and banks have plans available for refinancing or mortgage modification for homeowners with a home that is dropping, or has dropped, in price.

-Financial problems such as losing a job, a reduced income, hospital bills, or other expenses can help a homeowner get approved for refinance or modification. A letter of “Financial Hardship” needs to be included with the application to increase the chance of getting approved with the stimulus plan. This letter should include why your situation is the way it is, what you plan to do about it, and why saving your home is so critical to your financial plans. This will show that you are aware, and committed to saving your home, and fixing your finances.

Getting a better mortgage through refinancing or loan modification is easier than ever. Millions of homeowners can easily take advantage of this plan for themselves, and need to to prevent losing their home. Homeowners facing any chance of losing their home need to take action. The longer you wait, the worse your situation, and harder it will be to get your home back and finances in order.

-M Petrone

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