President Obama knows that the economy has left millions of homeowners facing financial problems. Home prices have plummeted and foreclosures are at an all time high, which further reduces surrounding home values. Many homeowners now owe more on their mortgage than the home is actually worth. To help homeowners avoid foreclosure, and get a more affordable monthly payment, President Obama has introduced his mortgage refinancing and modification stimulus plan.

Many homeowners are facing going through “Financial Hardships” as a result of the bad economy and worse housing market. Now homeowners who would not have been approved, or have been denied, a chance to refinance or modify their mortgage can now get the approval they need to save their home from foreclosure, or save themselves hundreds of dollars per month in interest savings.

This plan will help homeowners by reducing interest rates and the maximum amount they can pay for a mortgage, through cash incentives given to mortgage lenders and banks. This cash will be used to minimize a mortgage lenders risk and offer you a low monthly payment through refinancing or loan modification, for your house. This means that in general, getting a refinance or modification of your home loan, is more beneficial and easier than it ever has been before. Mortgage lenders and banks can now offer “at risk” homeowners more options and choices to help them turn their financial situations around. Around 9 million homeowners can use this plan for themselves, regardless of their financial position, and get an affordable mortgage through home loan modification or refinancing.

Everyone involved is interested in keeping homeowners in their homes, and avoiding a foreclosure, or mortgage default. Homeowners who are facing any type of financial problems, or who are interested in saving a lot of money every month, should take advantage of this plan from President Obama.

-M Petrone

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