Bank of America has always been a great choice in mortgage lenders. Now, they have the ability to offer new mortgage refinancing and modification options thanks to President Obamas housing stimulus plan. This plan will let millions of struggling homeowners get a mortgage they can actually afford. Bank of America is ready to help, and here is how.

Bank of America gets funding from $75 billion that has been set aside specifically for this mortgage stimulus plan. This money enables them to approve more homeowners, in even more bad situations, than they would have been able to otherwise. The money is provided as a way to minimize any risks a lender or bank takes on when they offer stimulus plan options to struggling homeowners. Also, money will be given to a lender for every homeowner they have helped who is able to successfully pay their mortgage every year, for up to 5 years. This gives extra incentive to the approved lenders and banks to make sure the homeowner is in a mortgage they can truly afford.

Here are some situations a homeowner can be in, and still be eligible to get help with President Obamas housing stimulus plan:

-A home which is losing value, or has lost value.

-Homeowners in ARM loans, or bad mortgages which carry high interest rates.

-Homeowners who want to take advantage of the near record low mortgage interest rates.

-Homeowners who are facing financial problems, loss of a job, hospital bills, or other debts which take up much of their monthly income.

-Homeowners who pay more than 31% of their income every month towards their mortgage.

While Bank of America has always helped homeowners in all types of situations, this new stimulus plan will allow them to help more people than ever. Getting approved for refinancing or mortgage modification is easier, better, and more necessary for more homeowners than it has ever been before. Do not lose your home to foreclosure or defaulting on the loan, take action and use this plan to your advantage.

-M Petrone

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