There are only a few mortgage lenders who have been approved by the Government to take part in the $75 billion housing stimulus plan. Bank of America (BoA) is one of the approved mortgage lenders. Bank of America has the experience, and professionals which can help a homeowner save their home. Refinancing and mortgage modification into more affordable monthly mortgage payments is now possible for millions of homeowners. Here is how:

Bank of America and other approved mortgage lenders will receive cash from the Government plan to approve homeowners for refinancing or home loan modification. This extra money enables the lenders, like BoA, the money they need to lower their financial risks for approving homeowners who are “at risk” of losing their home, or facing other financial hardships.

Homeowners who would have never been able to get approval for refinancing or home loan modification, are now able to get help. A lot of the previous policies these approved lenders had in place, have been altered for the time being in order to meet the needs of this stimulus plan. Homeowners can now get approved even if they do not have the traditional 20% cash or equity in their home. Even mortgages which are worth up to 5% more than the homes value can get approval.

Probably the most beneficial part of this plan is the assistance for homeowners with financial hardships. These include things such as a bad mortgage, loss of job, reduced wages, or any financial matter which is out of the homeowners control. Homeowners facing these problems, and many more, can use this stimulus plan and get a more affordable mortgage payment by refinancing or modifying their home loan.

Homeowners who are having a hard time paying their mortgage, and are scared of or facing foreclosure, should take action now. Bank of America is ready and able to help millions of homeowners, and odds are, you can get help too.

-M Petrone

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