Mortgage refinancing and home loan modification have never been easier or more beneficial for homeowners. Right now, millions of homeowners can use the Governments $75 billion mortgage bailout plan and get themselves into better, more affordable, mortgages. It is easy to take advantage of this plan, and here is how:

The Government plan has a list of over 25 mortgage lenders and banks which are approved to offer this plan to homeowners. These mortgage lenders and banks will receive a cash incentive to offer assistance to homeowners facing “financial hardships” or at risk of losing their home.

What this means for homeowners is that since the mortgage lenders and banks risks are being minimized with the cash incentives, which will allow them to approve more homeowners for mortgage refinancing or home loan modification. Homeowners who would never have been approved prior to this plan are now receiving assistance and getting into more affordable monthly mortgage payments. Instead of at risk and financially struggling homeowners counting on the high interest rates and closing costs of a sub prime mortgage lender, the same homeowner can use a traditional bank or mortgage lender and get assistance.

This plan also allows homeowners who have seen the value of their home drop as a result of rising foreclosures, and the struggling economy. Foreclosures lower surrounding property values by as much as 9%, and the struggling housing market just makes the problem worse. With this Government backed plan, a homeowner can now get refinancing or mortgage modification even if they owe up to 5% more on their home loan than the homes actual market value. This will relieve a lot of financial burden from millions of homeowners stuck in bad mortgages with homes that are declining in value.

Foreclosure, and mortgage default hurt everyone involved. That is why this plan is so effective. This plan helps millions of homeowners get out of foreclosure, or other financial problems, and save their home. Homeowners should contact their lender or bank and see if they are taking part in this plan and take advantage of it for themselves.

-M Petrone

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