Fannie Mae and Freddie Mac are now offering new mortgage modification options for all of its customers. Now, homeowners everywhere can get a better, more affordable mortgage, and they are automatically eligible to get help. The “Making Home Affordable” mortgage stimulus plan from President Obama makes this possible, here is how:

Right now, a $75 billion mortgage bailout plan is in full effect. Part of this plan, allows all mortgages from Fannie Mae or Freddie Mac to be modified into a more affordable monthly rate. This rate has been determined not to exceed 31% of a homeowners monthly income.

This means that a lot of homeowners with a mortgage from Fannie Mae or Freddie Mac can get help if they can not afford their mortgage. Right now, with the times being so tough, the economy in bad shape, and the housing market in disaster mode, homeowners need help more than ever. Here are some benefits to this plan for a struggling homeowner:

-Interest rates can be reduced to 2%

-Mortgages can be extended in length

-Homeowners who have seen their house or property drop in value can now more easily get assistance with modification or mortgage refinancing.

-Homeowners facing loss of job, reduced wages, hospital bills, bad mortgages, or any other financial problem, can get help, and save money, with Obamas stimulus plan.

Fannie Mae, Freddie Mac, and President Obama do not want to see homes lost to foreclosure or loan default. Homeowners all across the country are eligible to use this plan for themselves, and get a mortgage which they can actually afford. Fannie Mae and Freddie Mac have got the staff, size, experience, and now the financial backing they need to help all types of homeowners get a mortgage refinancing or modification.

-M Petrone

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