Mortgage rates are near all time lows right now, and if that is not enough, the Obama stimulus plan allows interest rates to be lowered even further. This stimulus plan provides an easy way for a homeowner to save money, or their home from being lost to foreclosure, or mortgage default. Millions of homeowners will benefit from this plan, and here is how:

-Homeowners Now have New Options for Refinancing
The restrictions from the approved mortgage lenders allow homeowners with a bad mortgage, bad credit, or financial problems the chance to get approved. This will save a lot of homes from being lost, and stop the foreclosure process on existing homes. Also, a mortgage will be approved for refinancing even if the home is worth less than the loan. This would have been nearly impossible before, but now can easily happen through this stimulus plan.

-Bad Credit, or Financial Problems? You can still get help.
Homeowners with financial problems can get the help they would have been denied before this plan existed. Loss of job, reduced wages, hospital bills, and a lot of expenses a homeowner is facing will be taken into account, and will actually help you get approved. This plan will provide money to lenders and banks who help homeowners in all types of situations. This money allows them to approve more people because their risks are financially covered. Homeowners need to include a letter stating their hardships, and their solution to those problems. This letter should be included with the application when you refinance.

This plan is truly a gift for many homeowners who need mortgage refinancing to save their home. Millions of homes can be saved, along with a lot of money. Homeowners simply need to contact their mortgage provider, or a competing one, and ask about how this plan can help them.

-M Petrone

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