All new mortgage refinancing and modification options are now available to nearly any homeowner looking to save money. New Government stimulus programs allow easy ways for homeowners to get a mortgage they can afford, and avoid losing their home to foreclosure or mortgage default. Here is some advice and tips for using this stimulus plan to get the mortgage refinancing or modification you need.

With so many homeowners facing some type of financial hardships, help was needed. Now, new mortgage refinancing and modification options exist which allow nearly all homeowners at risk of losing their home a chance to get a better, more affordable mortgage. This will be done by lowering mortgage interest rates to 2%, extending the length of a mortgage, changing the terms and conditions, or a combination of the three. New guidelines from this plan call for a homeowner to not have a payment that exceeds 31% of their gross monthly income. This will be a dramatic reduction in payments for many homeowners.

This will be done through over $75 billion in funding which has been set aside to help homeowners. This money will be given to a bank or mortgage lender who approves a homeowner for mortgage help and adheres to the plans guidelines. With this money, a homeowner will not have to pay any closing costs or fees. Also, this money will allow more homeowners to get the approval they need because banks and mortgage lenders will be taking less risk with incentive money backing their approvals. For every year, up to 5 years, a homeowner is able to pay their newly modified or refinanced mortgage, the lender who approved them receives additional cash incentives. This means that right now, it is actually in the best interest of mortgage lenders and banks to offer you amazingly low monthly mortgage payments.

Obamas stimulus mortgage refinancing plan will help millions of homeowners. Taking advantage is easy, and all a homeowner must do is ask a approved bank or lender for help. The banks and lenders will be happy to go overt the stimulus plan with you, and how you can use it to help your situation. Right now is a golden opportunity for many homeowners to save a lot of money, or possibly their home. Use this plan if you are feeling any financial pressure from a mortgage you can no longer, or are having a hard time affording.

-M Petrone

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