President Obama knows that millions of homeowners are struggling due to the economy. Many homes have dropped in value, and foreclosures are at an all time high. Many homeowners owe more than their home is actually worth, and can barely afford the monthly payments. In response to the millions of homeowners who need help, President Obama has introduced the homeowner housing stimulus plan.

The plans details were announced earlier in 2009, and has the ability to help millions of homeowners save their home. With the new plan, people no longer need to meet the traditional requirements that were once required to get approved for a mortgage refinancing. Things that were needed, like a 20% down payment, having enough equity, or a home that is losing value, are now accepted problems which will still allow you to refinance your home loan. The ultimate goal of this plan is to allow more homeowners to get approved for the help they need to avoid having to lose their home. Nearly 8 million homeowners are facing the fact that if they do not take action, they will lose their home. This plan gives many of those people, regardless of their situation with their mortgage, a chance to save their house.

So many struggling homeowners can get approved for help because President Obamas stimulus plan provides cash incentives to both mortgage lenders and banks who offer stimulus plan help to homeowners looking to refinance. With this money being provided, the risks a lender assumes when helping a struggling homeowner is minimized. This allows the lenders and banks to approve more homeowners, due to having less risk. Many of the requirements for mortgage refinancing have been eased to allow as many people as possible to apply for, and get help from, this stimulus plan.

Many homeowners can use the new guidelines from Obamas mortgage stimulus plan to get a mortgage refinancing that will save their home. Getting help is easier than ever before. However, this plan does not work automatically. A homeowner needs to apply with a mortgage lender or bank to use this stimulus program for themselves. Getting approved is easy, saving your home is possible, and using this Government mortgage bailout plan will help millions of people.

-M Petrone

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