Now, homeowners can refinance or get a mortgage modification easier than ever using President Obamas housing stimulus plan. This plan will allow a homeowner to get a lower monthly payment through refinancing or modification of their home loan into lower, more affordable, and money saving, monthly payments. The plan is easy to qualify for, and millions of homeowners can benefit. Here is how:

This plan has over $75 billion in funding from the Government to assist homeowners. Most of this money will be used to give to mortgage lenders and banks who approve at risk homeowners a cash incentive. With the cash incentives, the lenders and banks risks of losing money are minimized, and therefore, they are more likely to approve more applications. Everyone knows that letting a homeowner slip into foreclosure, or letting them default on their mortgage, is a no win situation for anyone involved, especially in this economy. The requirements for homeowners looking to refinance or get a loan modification have changed, to the benefit of homeowners, so more homeowners can get the help they need.

Another great part of President Obamas plan is that homeowners in a large variety of “Financial Hardships”, are now much more likely to be approved for a refinancing or mortgage modification. These hardships include, loss of income, hospital bills, high credit card debts, loss of job, or a long list of other things. All a homeowner has to do is write down their financial hardships, the reasons they became this way, and why a mortgage refinancing or modification is a great way for you to restore your financial health, or save your home. Be sure to include all related documents relating to your financial hardships, such as bills, layoff notices, pay stubs, bank statements, or whatever the lender requires. This will help ensure you actually get approved.

Home loan modification or refinancing, especially in this economy, will save a homeowner a lot of money every month. Now, President Obamas plan makers it easier than ever before for a homeowner to save money through reduced interest rates, or better home loan terms and conditions. This plan will restore confidence in the housing market, and should help the overall economy. Millions are eligible to use this plan, and you probably are too.

-M Petrone

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