Mortgages from either Fannie Mae or Freddie Mac are now eligible to be modified thanks to President Obama’s “Making Home Affordable” plan. This mortgage stimulus plan will help millions of homeowners get a more affordable mortgage, and a big part of it is automatic modification options for Fannie or Freddie customers. Here is how.
Right now, all mortgages from Fannie Mae or Freddie Mac are automatically eligible for modification. This is all because of the $75 billion mortgage bailout plan introduced by President Obama earlier this year. This plan, among other things, has specific instructions that allow all homeowners, regardless of any problems they may be facing, the chance to get a better mortgage through modification with Freddie Mac or Fannie Mae. This stimulus plan was needed due to the extremely high number of foreclosures devastating the housing market. Many people use Fannie or Freddie, and can get help, even if they would not have qualified before this plan existed.
Homeowners who have a mortgage with either Fannie Mae or Freddie Mac can now get a monthly payment, including taxes, and other related costs, that is less than 31% of their gross monthly income. This is a drastic reduction for many struggling homeowners, and is now an automatically available one thanks to President Obamas stimulus program. With homeowners saving up to 20% on their monthly home loan payments, the odds are greatly increased that they will be able to save their home from being lost.
To get this, all a homeowner must do is contact Fannie or Freddie and ask for assistance in using the Presidents stimulus plan for their situation. Both of these major lenders are well aware of the program, its conditions, and how it can help you, and will be happy to help. Take advantage of this great opportunity to easily save money, and secure your financial future.