Homeowner Affordability and Stability Plan

Because our wonderful President is taking immediate action to help solve the economic crisis facing America it looks like Chad and I may be able to personally benefit.

President Obama announced yesterday at Dobson High School (in the very town I live in, Mesa, AZ) his plan for the Homeowner Affordability and Stability Plan. This plan will allow homeowners to re-finance their home mortgage for a lower interest rates, even if they *owe* more on their mortgage than what the house is worth.

This was the exact problem facing me and Chad. We wanted to re-finance, we need to re-fiance in order to help with the baby and possibly get one of us at home full-time. Problem was: we couldn't re-finance because we own more on the house than what it's worth. This plan will allow us to re-fiance and get lower, much lower, monthly payments.

The plan goes into full effect the beginning of March and I've already put in a request to our mortgage lender Wells Fargo to start the process of re-financing. On another positive note, Wells Fargo announced that they are in full favor of this plan and will do everything in their power to get as many homeowners re-financed as quickly as possible.

My co-worker has already started her re-fiance process and her payment is going to be reduced by $400 a month! That is amazing. An extra $400 a month would make a *huge* difference for me and Chad.

What a blessing. That's all I can say...what a blessing. I really, truly hope we are able to re-fiance for a lower rate.

Who knows...maybe I will end up a stay at home mom after all.

Get a full look at the plan here:

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/18/AR2009021801159.html?sid=ST2009021801211