Homeowners who are facing foreclosure can get relief from President Obamas “Making Home Affordable” plan. This plan will allow millions of homeowners the chance to get refinancing, regardless of their situation, and get a better, more affordable mortgage. Here is how this plan helps you.

With so many foreclosures happening right now, this plans goal is to help struggling homeowners avoid losing their home. Around 8 million homeowners are seriously at risk of losing their home. Homeowners can no longer afford their mortgage due to financial problems, a bad ARM loan, a loss of job, or a home that is dropping in value. However, this new $75 billion stimulus plan has new mortgage refinancing and modification options which can help many homeowners avoid losing their home, even if they would not have been approved before this plan existed.

This stimulus program from Obama offers cash incentives to mortgage lenders and banks who follow the stimulus guidelines, and help homeowners get a better mortgage. This money allows a bank or lender to ease their restrictions on who is eligible for refinancing, home loan modification, or other beneficial things that can help a person avoid losing their home. The money makes the risks a mortgage lender or bank takes on minimal, and enables them to offer new mortgage refinancing options to millions of struggling homeowners.

Mortgage refinancing
to avoid foreclosure is a great option for a lot of people. Homeowners who are in foreclosure, or who will be facing foreclosure, can get help from this plan. Millions of homeowners can save their homes, and their financial future by using this plan. Mortgage foreclosure rates are at all time highs right now, and that hurts everyone involved. Contact your mortgage provider, and a few of their competitors. Ask them how the new “Making Home Affordable” plan can help them stop, or prevent foreclosure for you.

-M Petrone

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