President Obamas “Making Home Affordable” plan will save millions of homeowners a lot of money, their home from being lost, or both. Many benefits are now available through new mortgage refinancing and modification programs thanks to over $75 billion in Government funding. Here is how you can use this stimulus for yourself.

Right now, cash incentives are being given to mortgage lenders and banks who follow the Obama administrations guidelines and help homeowners. This help will come in the form of mortgage refinancing and modification. The thinking behind this mortgage bailout is that no matter what the economy or housing market is like, if a homeowner can afford their monthly loan payments, they will make them. To accomplish this, many benefits are now available to homeowners, some of the biggest ones are:

-Monthly mortgage payments must not be more than 31% of a homeowners gross monthly income. This includes home fees, insurance, and other costs.

-Mortgage rates can be lowered to as low as 2%. This will dramatically decrease a homeowners monthly mortgage payments.

-Homeowners with bad credit and other financial problems, including upside down mortgages, can still get approved for home loan help.

-There will be no closing costs or fees for homeowners who use this plan for mortgage refinancing or modification.

This program is designed to lower the foreclosure rate, and will help has the ability to help millions of people. This is because the government will provide cash incentives to mortgage lenders and banks every time they approve and help a homeowner according to the Obama administrations guidelines. This means that getting help with a home loan is now easier than it ever has been before, for homeowners in all types of situations.

If you are a homeowner who needs to lower your monthly payments, avoid foreclosure, or both, use this program for yourself. Contact your mortgage lender or bank and ask how Obamas stimulus can help you save your home and a whole lot of money. Take action before your problems get worse.

-M Petrone

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