Homeowners should be happy that President Obama has a plan to help the struggling economy. To stop the insane amount of foreclosures occuring, bankruptcies, and financial losses, the “Making Home Affordable” plan has been introduced. Homeowners can easily be approved for a refinance or modification using this plan, and save hundreds per month.

Homeowners who are facing financial hardships no longer need to fear losing their home to a foreclosure. This plan will allow homeowners to easily qualify for a home mortgage modification or refinancing, and save money through obtaining a low, fixed interest rate, all thanks to the Governments stimulus plan. Also, homeowners who owe more on their mortgage than their home is worth due to dropping home prices, they will still be able to get approved for a home mortgage refinance.

Mortgage lenders and banks are now being given cash incentives, from the Government, to approve refinance applications from homeowners who have been affected in one way or another from this bad economy. This means that the approval rates for the refinancing applications are very high now because a lot of the risk a lender takes on from approving risky borrowers, is covered by Obamas stimulus plan. The Government, homeowners, lenders and banks everywhere know that a home foreclosure or mortgage default is not beneficial for anyone involved. Getting a lender to work with you on your home loan is actually easier than most people would expect, especially if you are having financial problems.

Ideally, homeowners will flock to take advantage of this plan and save themselves lots of money, and possibly their home from foreclosure. This should help the overall housing market, and restore some consumer confidence, which will drive home values back up. Once the home prices are where they used to be, and homeowners are able to get their finances in order, the economy should quickly take a turn for the better. Homeowners will have more money to spend on reducing their debts, improving their home, or anything else they can think of.

Refinancing your home mortgage
loan now is a great way to truly take advantage of a great Government program designed to save homeowners a lot of money. Do your self a favor and help your financial future by at least looking into the potential savings you could get through this “Making Home Affordable” plan. You could be saving a lot of money, or even your home.

-M Petrone

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