President Obamas “Making Home Affordable” plan is aimed at helping homeowners facing losing their home, or financial problems. Millions of homeowners can use this plan, and its easy eligibility requirements, to get a more affordable mortgage. Here is who can use this plan, and how it works:

-Mortgage payments will not be more than 31% of the homeowners gross monthly income. This is a major way many homeowners will be able to save money, or their home, every month. Most homeowners who are facing foreclosure, are paying more than 31% of their income towards their home loan every month. A savings of 10% or more can easily add up to huge savings, very month.

-Homeowners facing a number of financial problems can get a better mortgage by using this plan. Homeowners who can provide a letter of “Financial Hardship” will be able to turn it in with their home loan modification application, and increase their chances of getting an approval. Things like hospital bills, bad mortgages, loss of a job, or bad debts can qualify as a financial hardship. Homeowners should be able to verify their hardships, and also be prepared to have their income, taxes, bank statements, and assets questioned if anything can not be verified.

-Mortgages on homes which have dropped in value by 15% or more can now get refinanced or modified into a better, cheaper, more affordable monthly payment. This payment will be low enough for a homeowner to save their home from being lost to foreclosure or mortgage default.

Literally millions of homeowners can get mortgage refinancing or modification to save their home. This mortgage stimulus plan from President Obama offers serious options for any homeowner to consider. Many homes will be saved if all the eligible homeowners apply for help. Take action now and prevent your home from being lost.

-M Petrone

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