Right now, it has never been easier for a homeowner to be approved for mortgage refinancing or modification. Homeowners everywhere are facing financial hardships, and are at risk of losing their home. However, there is some hope. President Obamas mortgage stimulus plan will allow millions of homeowners the chance to get into a low interest fixed rate home loan through refinancing or mortgage modification.

The plan from Obama has a budget of over $75 billion dollars. Most of this money will be given to mortgage lenders as an incentive to approve refinancing and mortgage modification applications from struggling homeowners. With this money, the lenders risks are minimal and that will allow them to approve more homeowners than they would have been able to otherwise.

Homeowners who are facing financial hardships such as loss of job, high debts, a mortgage rate increase, or other things, and can prove them, will be approved for a home loan refinancing or modification in accordance with Obamas plan. A homeowner must include a handwritten letter of describing any “Financial Hardships” and include proof, such as bills, pay stubs, or bank statements. This will greatly increase your chances of getting an approval for refinance or mortgage modification.

Refinancing and mortgage modification are the answer to millions of homeowners financial problems. This plan will help homeowners avoid foreclosure, or defaulting on their mortgage, and dramatically help the housing market. Home prices will slowly rise, foreclosures will slow down, and the economy overall should benefit.

-M Petrone

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