Homeowners will be happy to know that getting a Ditech mortgage refinance is now easier than ever. This is due to the Government backed, $75 billion mortgage bailout plan. This plan will allow a homeowner a chance to get a mortgage refinancing or home loan modification into more affordable monthly payments through approved lenders. Here is what you need to know to increase your chances of being approved for a Ditech mortgage refinance:

-Homeowners can not use this Government bailout plan for a second, investment, or vacation home. Only homes which the mortgage homeowner lives in as a primary residence will be eligible for low interest rate refinancing through Ditech.

-The amount that is due in principal remaining on the mortgage is less than or equal to $750,750.

-Homeowners who have declared bankruptcy can not use this Government backed plan for themselves.

Most of this $75 billion from the Government will goto mortgage lenders who have been approved to offer homeowners refinancing packages which meet the Governments guidelines. Ditech is one of these lenders and offers homeowners a chance to save money every month, or your home from foreclosure. This money from the Government allows lenders like Ditech to approve more “risky” homeowners due to the money minimizing their risks.

Nobody involved in a mortgage default or foreclosure wins. Mortgage lenders now have the tools and money they need to help truly needy homeowners stay in their home and save money every month. Getting a Ditech mortgage refinance is easier and more beneficial for average homeowners than it has ever been before. If you are at risk of losing your home, or would like to save money through reduced interest rates, or better terms and conditions than you should take advantage of this mortgage bailout plan for yourself.

-M Petrone

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