Fannie Mae and Freddie Mac mortgage holders are eligible to get mortgage modification from President Obamas stimulus program. This program will allow all homeowners with a mortgage from Fannie or Freddie to get a more affordable monthly mortgage payment, save their home from foreclosure, or both. Homeowners in all sorts of bad situations can get help, even if they have been denied before. Here is how it works.

New programs funded by $75 billion in stimulus money are available to all homeowners with a mortgage from Fannie Mae or Freddie Mac. These programs allow a homeowner, regardless of their financial situation, to get a home loan modification into an affordable monthly rate. Under the rules of the program, a homeowner use uses it for their Fannie or Freddie mortgage will not have to pay more than 31% of their monthly income towards their home loan payment. This cap is to also include all costs, taxes, and insurance, and will be help homeowners save a lot of money.

Since Fannie Mae and Freddie Mac are pretty much Government run, homeowners with them will be able to take full advantage of the new options available to them. This plan is designed to help homeowners get help they need before they are in foreclosure. Although homeowners who are in foreclosure can still get help. With the record high number of people facing losing their home to foreclosure, this plan attempts to help. While there are other benefits of this plan, mortgage holders with Fannie Mae or Freddie Mac receive the best options of all.

Homeowners in all sorts of financial hardships, bad mortgages, or other problems should take action and see what these stimulus programs will do for them. Contact Fannie or Freddie today and ask about the stimulus plan and how it can benefit you. Odds are you can save money, your home, or both by getting a mortgage modification.

-M Petrone

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