Last week, President Barack Obama detailed his home mortgage foreclosure stimulus plan in full, which makes millions of current homeowners instantly eligible to refinance their mortgage into a stable fixed 2% loan. Homeowners all over the country are already taking advantage of this chance to refinance and seeing big savings.

Here are some key elements to the proposed Obama housing stimulus plan:
*It would help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments. This helps people whose property or home has dropped in value.
*Make it easier for current borrowers to modify home loans loans.
*Keep and control interest rates at a low ideally 2%.
*Provide no help for market speculators and those who profit on peoples financial downfalls.
*Help existing homeowners before they default on their loan by allowing them to refinance their mortgage at 2%

This tough economy is making it harder for good financially responsible home owners and mortgage payers to get that payment in every month in full and on time. Hopefully though by allowing them a chance to refinance at a 2% interest rate, they will lower their costs enough to increase their standard of living, pay off bills, or save. Also, recently millions of people or their spouse have lost their jobs or have had their income reduced, which is adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are really struggling, a 2% interest rate would almost instantly raise home values as property values also rise as less homes are foreclosed on and more are bought and sold.

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