Earlier this year, President Obama announced his $75 billion “Making Home Affordable” plan. This plan will allow homeowners in all sorts of bad situations to easily get a more affordable mortgage through new refinancing options. Millions of struggling homeowners are able to take advantage of this plan for themselves, here is how:

How does this program help homeowners?
This program offers cash incentives to mortgage lenders and banks who follow the plans guidelines, and approve homeowners for refinancing or mortgage modification. The money enables the lenders and banks to easily approve more homeowners without taking a huge financial risk. The plans guidelines though are where homeowners truly get the most help.

The guidelines call for new options to be available to homeowners in all types of bad situations including:

-Homeowners who are facing financial problems, like loss of a job, a bad mortgage, hospital bills, or other expenses that are out of a persons control.

-Homes that are worth less than the mortgages amount owed. This is due to many homes losing value due to the bad housing market.

-Homes that are in the foreclosure process, or that will soon be facing foreclosure, can be refinanced to help avoid foreclosure.

-Homeowners who have a mortgage payment, including taxes, insurance, and any dues or fees, that is more than 31% of their gross monthly income, can get a lower monthly payment.

Millions of homeowners are able to use this stimulus program for themselves. Mortgage refinancing right now is an extremely popular option with the stimulus plan, and near all time low interest rates, all happening at the same time. Getting the help you need is easy, and President Obama has provided a way to help homeowners, and entire neighborhoods, recover from the tough economy. Take advantage.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner