Making Home Affordable Refinance Plan: Refinance Or Modify Your Mortgage

Millions of homeowners are facing “Financial Hardships” of all different types, but ultimately it makes paying the monthly mortgage harder. That is why foreclosures are at an all time high. With such a bad economy and worse housing market, President Obama has announced his Making home affordable refinance plan which is a housing bailout plan. This plan is designed to help struggling homeowners get out of their bad, high interest, unaffordable, mortgages and into monthly payments which are actually acceptable considering the financial problems the homeowner is facing.

Here is how you can use this plan for yourself, and save money every month, or even your home from foreclosure. Homeowners looking to use this plan from President Obama need to meet these requirements and guidelines: Homeowners looking to take advantage of this plan and use it for themselves must live in the home as their primary residence. This means that second, investment, or vacation properties and homes will not be able to use this plan to assist them with a home loan refinancing or modification.

Homeowners who are facing a “Financial Hardship” such as credit card debts, hospital bills, loss of job or income, or a whole list of other things, can use this plan and refinance, and possibly save from foreclosure, their home. Include a handwritten letter of “Financial Hardship” with your refinancing application and sign it by hand.

Mortgages that are backed, financed, or insured by Freddie Mac or Fannie Mae are automatically eligible for modification into a fixed rate 2% loan by using the housing bailout stimulus plan. These are two of the largest lenders in the country, and millions of homeowners have home loans through them. Homeowners must be facing some type of financial hardship. Some of which include, job loss, loss of income, medical bills, tuition, plummeting home values, and a whole list of other things. Be sure to include a handwritten and signed letter stating your “Financial Hardships” and include it with your refinancing or home loan modification application.

The housing market is in bad shape, and the overall economy is not much better off. Hopefully, this plan from Obama is taken advantage of by homeowners who need a home mortgage refinancing or modification to save their home from foreclosure, or save a lot of money every month. The savings which can be had are truly incredible and a homeowner should at least take a little time to see the potential savings to be had through use of this plan for themselves, regardless of financial situation. Hopefully, this plan helps curb the flow of foreclosures, raises consumer confidence in the housing market, and helps the overall economy.

Learn more about Obama Mortgage Relief Plan Qualifications.