Mortgage refinancing and home loan modification are popular options, especially lately, for many homeowners. Now, this is made easier because of the Governments $75 billion mortgage bailout plan. This plan easily lets homeowners get a more affordable monthly mortgage payment through easy refinancing and mortgage modification options. Here is how you can use this plan for yourself:

This plan has over $75 billion in funding to assist homeowners. Most of this money will be given to mortgage lenders and banks who approve homeowners considered “at risk” for home loan modification or refinancing. With the money, the lenders and banks can approve more homeowners than ever, and people who would have never been approved prior to this plan can start saving money through refinancing or mortgage modification.

Here are some of the other big parts of this plan from The Government:

-The home must be lived in as a main residence by the mortgage holder. This plan does not help for second homes, investment properties, or rental homes.

-Mortgages must have less than $729,500 remaining on their balance.

-Homeowners with a mortgage from Fannie Mae or Freddie Mac and who pay more than 31% of their gross monthly income are eligible to get a home loan modification.

-Homes which have dropped 15% or more in value can get approved for mortgage modification or refinancing through this Government plan.

-Homeowners can not have declared bankruptcy in the past or used this mortgage bailout plan before.

Homeowners everywhere can easily save hundreds of dollars, or more importantly, their home from being lost to foreclosure or mortgage default. This plan makes getting approved for refinancing or home loan modification easier than ever. Also, this plan should help the housing market and over all economy.