Homeowners all over the country are hurting, and paying their mortgage every month is getting harder. Millions of homeowners are facing foreclosure, or mortgage default, but there is hope. The Government mortgage bailout program will allow these homeowners, and those who are looking for a more affordable monthly mortgage payment. Here are some details:

In order for a homeowner to use this plan for themselves, they must meet some requirements:

-They must live in the home they wish to get mortgage refinancing or modification assistance with.

-The balance of the home loan must be less than $729,500. This limit can be higher if the home is a multi unit building in which the homeowner lives in as a main residence.

-They can not have declared bankruptcy, or used this Government program for themselves in the past.

-Homeowners who are facing financial hardships have a better chance of getting approved for this plan. Include a letter stating your financial problems, and what you are going to do to solve them. This increases your chances of getting approved for a mortgage refinancing or modification.

Mortgage lenders and banks who approve “at risk” homeowners for a mortgage refinancing or home loan modification will be given a cash incentive from the Government. This money allows the lender to approve more homeowners, who would not otherwise be approved, by minimizing any potential losses. This means that homeowners are getting approved for refinancing or home loan modification who have, been denied before, have bad credit, have a bad loan to value ratio, facing foreclosure or mortgage default, or otherwise need to save money. This plan will help restore some consumer confidence to the housing market, help the overall economy, and most importantly give millions of homeowners a chance to save their home.

-M Petrone

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