Homeowners are losing their homes all across the country. Whether its due to foreclosure, or defaulting on their mortgage, homeowners are hurting. Luckily, Ditech and the Obama administration have a plan. This stimulus plan will allow homeowners the chance at getting an affordable home loan through new refinancing and modification options.

These new options make getting approved for refinancing or home loan modification easier than ever. Even homeowners on the brink of losing their home, can reverse the process, save their home, and save money. This is all possible because of $75 billion in funds to help homeowners. This money will make applying, getting approved, and saving your home, easier than it ever has been before. Most of the money will be given to the approved mortgage lenders, like Ditech (GMAC), to help homeowners. This money will cover any risk the lender assumes by approving you, and also gets bigger for every year a homeowner successfully pays their mortgage. This means that it is now in the best interest or mortgage lenders and banks to offer the best refinancing deals to all homeowners.

Ditech, with this stimulus plan, can offer new refinancing and modification options to many homeowners. Some of the benefits of this plan are:

-Lowered interest rates, some reduced as low as 2%

-Lengthened home loan terms which can lower the monthly payment.

-Easy applications, and approval processes.

-Streamlines mortgage refinance options which will let a homeowner in foreclosure reverse the process.

-Allows homeowners mortgage modification to get a new, affordable rate. The most a homeowner can pay when using this plan, is 31% of their gross monthly income.

-Free counseling is available from certified HUD locations.

There has never been such a powerful plan in place to help homeowners. Ditech, President Obama, and homeowners everywhere understand the problems in the housing market. This stimulus plan will provide a lot of relief to many individuals, and entire neighborhoods.

-M Petrone

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