With so many homeowners feeling the effects of a bad economy, foreclosure is at an all time high. However, if you are about to lose your home to a foreclosure, you can get help with a home loan modification. The help is available thanks to President Obamas stimulus plan, and provides hope for millions. Many homeowners have already used this plan to save their homes, and a lot of money, and you can too.

With this program, homeowners can benefit from the $75 billion in funding that is available. Mortgage refinancing for homeowners with a lack of equity in their home, a bad credit rating, or a home that is worth less than when they bought it, is not available when it would not be available to them before. While millions of people are eligible to use this plan refinance program for themselves, there are some requirements which must be meant.

Some of the bigger requirements are:
-The home must be your main residence, and the place you actually live.

-You have a mortgage from either Fannie Mae or Freddie Mac.

-The mortgage balance is no more than 25% more than the market value of the home.

-Homeowners can not be late, or missing any mortgage payments for the past 12 months in a row. A late payment is any payment 30 days or more overdue.

Homeowners who are not able to meet these requirements may be eligible to get a home loan modification from the stimulus program. This home modification plan is for homeowners who owe less than $729,750, and are facing problems financially which make paying the monthly payments hard to do. Also, the home must have been bought and closed on before January 1st 2009. While not everyone will be able to use this mortgage modification plan, it is a good alternate choice for millions of homeowners who can not refinance or get help anywhere else.

These programs will help many people from losing their home. Mortgage refinancing and modification is what many homeowners need, and now it is easier and better than ever before. In addition to the stimulus program, interest rates are at near all time lows as well. The combination of Government programs, and low interest rates, make refinancing or modification with Obamas plan a great idea for many struggling homeowners.

-M Petrone

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