Homeowners with mortgage from Fannie Mae or Freddie Mac are now eligible to get a mortgage modification no matter what their financial situation is. This is all because of President Obamas $75 billion “Making Home Affordable” plan. Using this stimulus plan, all homeowners with a loan from Fannie Mae or Freddie Mac are eligible to get a mortgage modification that will save them money, prevent foreclosure, or both. Here is what homeowners need to know about this stimulus plan from Obama.

This program is designed to assist nearly 8 million homeowners get a better mortgage and avoid foreclosure or defaulting on their loan. This plan is a result of the Obama administrations desire stimulate the housing market, and overall economy. Many people are facing foreclosure or are in financial hardships that are making the mortgage payment a very hard thing to pay. This program addresses some of the main problems homeowners are facing and gives them new mortgage modification and refinance options that will be truly beneficial in the long and short term.

A huge part of Obamas stimulus plan is that every homeowner with a mortgage from Fannie Mae or Freddie Mac is automatically eligible to get a mortgage modification. The benefits for homeowners modifying with Obamas stimulus and Freddie or Fannie can include:

-No closing costs or fees

-Lower monthly mortgage payments

-2% Home loan interest rates

-New mortgage lengths, terms or conditions

Millions of homeowners will benefit from simply contacting Freddie Mac or Fannie Mae and asking how President Obamas stimulus plan can help them. Do not let your home be lost to a foreclosure or mortgage default and take action now. There has never been a better time to get help than right now. Make sure you take action and contact Fannie or Freddie today.

-M Petrone

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