President Obamas housing stimulus plan means that a lot of homeowners can get a more affordable monthly mortgage payment. This is possible thanks to $75 billion which will be given to mortgage lenders and banks who approve struggling homeowners for a home loan modification or refinancing. What this means is mortgage refinancing and home loan modification have never been easier to get or more beneficial.

Mortgage lenders who offer refinancing and home loan modification according to the terms of Obamas stimulus plan will get cash incentives for doing so. This cash covers the lenders potential risks, as well as all closing costs and associated fees. This means that more lenders and banks will be willing to approve homeowners, even those who have been denied before, and help them save their home from foreclosure or mortgage default. With the millions of homeowners who are stuck in a mortgage they cant afford, a mortgage which has increased in payment amounts, or are facing financial hardships, this plan comes at a perfect and critical time for the average homeowner.

The economy, housing market, and average homeowner are facing all sorts of financial problems. Nobody wins when the foreclosure rate is as high as it is. This is another reason that banks and mortgage lenders will be more willing to help a homeowner save their home.

Homeowners need to realize that this is a great chance to get into a more affordable monthly home loan payment, and perhaps save their home from being foreclosed on. Millions of homeowners who could not have dreamed of getting approved for a mortgage refinance before, are not applying, and getting approved, for a refinance or mortgage modification that is saving them a lot of money. Do something about your financial situation now and contact your mortgage lender or bank.

-M Petrone

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