Bank of America is one of the selected banks who is approved to offer the Governments stimulus plan to struggling homeowners. All types of programs are now in place which can help a homeowner get a better, more affordable mortgage. Refinancing and mortgage modification are now possible for homeowners who would have been denied before. Here is how it works:

Since Bank of America is one of the approved lenders, they will get money from the Government every time they help a homeowner who is at risk of losing their home. That means, getting approved for a mortgage refinance or modification, no matter your situation, is easier, and more beneficial for homeowners than ever before. Bank of America and the other lenders also get money for every year a homeowner successfully makes their home loan payments, for up to 5 years after the refinancing or modification. This means that it is in the best financial interest of the mortgage lender to offer you a truly beneficial, money saving, mortgage refinancing package.

Also, this stimulus plan provides new options for homeowners in bad mortgages, or a home which has dropped in value. Before this stimulus plan, refinancing and mortgage modification were not easy to get unless a homeowner had 20% equity in their home, or the cash difference. Also, to get approved, a home usually needed to show a potential to increase in value. Now with the bad housing market, and economy, many homeowners are in bad shape. A lot of people owe more than their home is actually worth, are in an ARM loan which keeps increasing, or have a home that dropped in value. This plan will help a lot of homeowners who would have never gotten help before.

President Obamas housing stimulus plan will help an estimated 8 million homeowners. By using approved mortgage lenders and banks, like Bank of America, the money can be regulated and watched to ensure homeowners are getting the help they need. This is a good chance to get an affordable mortgage, get lower interest rates, or save your home from foreclosure. Use this plan for yourself today and contact Bank of America to see what can be done for you.

-M Petrone
www.RefinancingCondo.com

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