Mortgages from Fannie Mae and Freddie Mac are eligible to get refinanced or modified using President Obamas stimulus plan. The “Making Home Affordable” plan provides over $75 billion in funds to assist homeowners with Fannie Mae or Freddie Mac get a mortgage refinancing or modification into an affordable monthly payment. All homeowners with Fannie or Freddie can use this plan for themselves, and here is how it works:

Since so many homes are at risk of being lost to foreclosure and mortgage default, action needed to be taken. This is why the President announced his “Making Home Affordable” plan. This plan is a stimulus plan designed to help struggling homeowners, and those who are already in the foreclosure process. A big part of this plan is the fact that all mortgages from Fannie Mae or Freddie Mac are eligible to get a refinancing or modification, regardless of the financial problems of the homeowner.

This part of the program states that all homeowners with a home loan backed or from Fannie or Freddie can get refinanced or modified into a monthly payment that does not exceed 31% of a homeowners income. This will be a huge reduction in payment amounts for many homeowners. This amount also includes things like taxes, fees, and other costs of home ownership. Millions of homeowners pay more than 31% of their income every month to their mortgage. Now, those homeowners can easily contact Freddie or Fannie and get help with their home loan.

Mortgage refinancing and modification are what a lot of people need to save their homes. Now, through these new options offered by Obamas stimulus plan, many people can get the help they need to save their home, money, or both. If you have a loan from Fannie Mae or Freddie Mac consider contacting them and seeing how the stimulus plan can benefit you.

-M Petrone

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