Fannie Mae and Freddie Mac are now offering mortgage modifications to millions of struggling homeowners thanks to President Obamas housing stimulus plan. This $75 billion stimulus plan is designed to be easy to qualify for, and will save a lot of people a lot of money. Fannie Mae and Freddie Mac are now forced to approve nearly any homeowner for a mortgage modification to prevent them from losing their home. Here are some things that homeowners need to know before getting a home loan modification with Obamas stimulus and Fannie Mae or Freddie Mac.

Since so many homeowners are struggling, something needed to be done to help. Right now, foreclosures and mortgage defaults are at all time highs. In order to combat the high numbers, the Obama administration enacted this stimulus plan and designed it so that nearly any homeowner can benefit from and get approved for. Fannie Mae and Freddie Mac are now required to offer struggling homeowners new mortgage modification options that will prevent their home from being lost, save them money, or both. In the past, homeowners needed to meet a lot of strict requirements in order to get an approval for mortgage modification. Now though, because of the stimulus plan, homeowners can easily get approved from either Fannie Mae or Freddie Mac.

Before this stimulus plan existed, millions of homeowners were not able to get a mortgage modification. Now though, things have changed and nearly any homeowner is able to find help by using Obamas housing stimulus. This stimulus plan will help millions of homeowners, the housing market, and the overall economy.

It has never been this easy to get help with a mortgage modification. Fannie Mae and Freddie Mac have millions of homeowners that are working with them, and nearly all of them are now able to get themselves into a better mortgage. Homeowners are no longer helpless and are now able to take action to save their home, a lot of money, or both. Take action now and contact Fannie Mae or Freddie Mac to see what new home loan modification options exist for you because of the $75 billion housing stimulus plan from Obama.

-M Petrone

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