Wells Fargo is one of the few mortgage lenders authorized by the Government to offer President Obamas housing stimulus plan. This plan allows homeowners refinancing or mortgage modification opportunities for struggling homeowners. Interest rates can be reduced as low as 2% to help homeowners. Here is what you need to know before using this plan for yourself:

Over $75 billion has been allocated to this mortgage refinancing and modification bailout plan. This plan will have homeowners paying monthly home loan payments which are less than 31% of their gross monthly income. This will be done by lowering interest rates to as low as 2%, extending the length of the home loan, or adjusting other terms and conditions. The $75 billion will be given mainly to mortgage lenders and banks for providing help to struggling homeowners. This money will cover all closing costs, and help with the financial risks lenders and banks take on when approving “at risk” or financially struggling homeowners. With this money covering some of their potential losses, mortgage lenders and banks can approve more homeowners than ever before.

Besides being one of the biggest lenders in the country, Wells Fargo, is also one of the most effective lenders for homeowners who need to do something about their mortgage. Wells Fargo has the professionals, connections, and knowledge to help almost any homeowner. With this mortgage bailout plan, they can help even more homeowners.

Homeowners struggling to pay their home loan every month need to take action. The longer you let your mortgage problems build up the more expensive, and less likely it will be that you can save your home. Contact Wells Fargo today and see how they can help you keep your home.

-M Petrone

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