President Barack Obama's Mortgage Modification Or Refinance Stimulus Plan

On March 3,2009 ,president Obama rolled out the Stimulus plan that was to help get the economy back on track. The first initial step is to save homes from foreclosure and to restore confidence in the housing market. This is a great idea if the plan indeed works. The problem are the lending institutions, because they are not in a hurry to refinance homes that are, "under water." What do you do if your mortgage payments are about to increase and you cannot refinance? The rules state that you are eligible for certain mortgage products under the plan if you meet the following criteria:

Mortgage Bailout Assistance Programs has 2 components:
· Loan Modification with lower interest rates and other smooth terms.
· Loan Refinance by Fannie Mae and Freddie Mac
Here are the points that will help you find out whether you qualify for Obama's Mortgage Bailout Program:
1. First of all, check whether your mortgage is on fixed rate or it's an ARM. The borrowers with fixed rate loans would not qualify for Mortgage Bailout Assistance Program.
2. For being eligible for the Mortgage Bailout Assistance Program, your loan must have been sanctioned between 01.01.2005 - 31.07.2007 and secondly, it must be onset to read just between 01.01.2008 - 31.07.2010.
3. The payments should be paid on time if you wish to go for refinance. If your current loan installments are always paid on time with less than 30 days delinquency, you are eligible for Mortgage Bailout Assistance. If the payment is delinquent for more than 30 days, you cannot apply for that.
4. You will not qualify for the program if you are not in a condition to repay the home equity loan at lower rate. Also, you need to check, whether you would be able to further pay the installment when it is going to re-adjust in the future.
5. In order to qualify for Mortgage Bailout Assistance, the current loan must be held by Fannie Mae and Freddie Mac.
6. This assistance would be provided on those properties only which are used by the homeowners to live in. Any home which has been left after buying as for an investment purpose and second homes does not qualify.
7. For getting mortgage modification, you must be have default on your monthly installments and no capability to repay the loan on the current terms.

Has anyone been successful in achieving a refinance for their home under this plan?