Many homeowners are looking for a way to reduce their monthly mortgage payments, save money, or prevent their home from being lost to foreclosure or default. Fortunately, because of President Obamas stimulus plan, homeowners with a mortgage from either Freddie Mac or Fannie Mae are automatically eligible to get a home loan modification. Here is what homeowners need to do in order to use this stimulus plan for themselves and get a home loan modification.

The Obama stimulus plan allows homeowners who are paying more than 31% of their gross monthly income to automatically qualify for a home loan modification from Fannie Mae or Freddie Mac. This is because many people are struggling, and the overall housing market and economy are in bad shape. These new mortgage modification options exist because of over $75 billion in funding that is coming from Obamas stimulus plan. This money enables homeowners to have more beneficial mortgage refinance and modification options than ever existed before, regardless of their financial situation. A big part of the stimulus plan is the fact that all homeowners with a Fannie Mae or Freddie Mac backed mortgage can get it modified if they pay over 31% of their monthly income towards it.

This stimulus will even enable homeowners with bad credit, an upside down home loan, or other financial problems to get approved for a mortgage modification from Fannie or Freddie. That is because it is guaranteed in President Obamas plan. The only way this will not benefit homeowners who use Fannie or Freddie is if they pay less than 31% of their monthly income towards their mortgage payment every month. That means that regardless of the financial, mortgage, or other problems a homeowner is facing, they can get help lowering thee monthly home loan payment by getting a modification.

This stimulus plan is huge, and millions of people are going to save money by using it. Fannie Mae and Freddie Mac are two of the largest mortgage lenders in the country, that means the new mortgage modification options will apply to a lot of homeowners. People are already using this plan for themselves and saving a lot of money. Never before has a program this big been enabled for so many people to take advantage of.

Do not lose your home to foreclosure or loan default. Do not think that you have no options due to financial hardships or other problems. Do contact Freddie Mac or Fannie Mae today to see what new home loan modification options exist for you because of the Obama stimulus plan. People need to realize that help is available, but that it will not come to them. Get out there and see how you can improve your financial situation by getting a mortgage modification.

-M Petrone
http://www.RefinancingCondo.com

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