President Obama knows that right now there are millions of homeowners struggling to make their mortgage payments and are trying to save their home from being lost. That is why the “Making Home Affordable” plan has been enacted. This plan will allow homeowners the chance to easily modify or refinance their mortgage into a new, better, more affordable monthly home loan payment.

Even homeowners with bad credit ratings, and upside down mortgage, or who are facing other financial problems can get help. In fact, this plan is designed to help exactly those homeowners. As much as this plan helps stop foreclosure, it helps prevent it in the future as well. This is because of $75 billion in stimulus money used to give as cash incentives to mortgage lenders and banks. This money is an incentive they will get when they help homeowners according to the programs guidelines. That means millions of homeowners can now easily get approved for refinancing.

Another big part of this program is for mortgages from Fannie Mae and Freddie Mac. These mortgages are automatically eligible for a mortgage modification into a new, lower affordable monthly payment. According to the stimulus plan, this payment will not be more than 31% of a homeowners gross monthly income. This will save countless homeowners a lot of money, or their homes from being lost.

Overall, millions of homeowners will be able to easily benefit from this plan and get mortgage refinancing for themselves. Homes will be saved, the housing market will get better, and the overall economy will improve. If you are at any risk of losing your home, or need to save money, then consider refinancing your mortgage.

-M Petrone

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