Right now, 8 millions homeowners can refinance their mortgages into a fixed 2% interest rate. This is all because of President Obamas housing stimulus program. This stimulus program makes getting a home loan modification or refinance easier for homeowners in all types of bad situations.

Here are some of the biggest points of the Presidents stimulus program:

-Homes that have dropped in value since being bought can now more easily get approved for refinancing. Many homeowners have had their home lose money due to the bad housing market and economy. Through this stimulus program, a homeowner can now owe up to 25% more on the home than it is actually worth, and still get approved for the refinancing help they need.

-Mortgage refinancing and modification is now a much easier and more straightforward process.

-Mortgage interest rates for homeowners who use this stimulus will be as low as 2% to help struggling homeowners. This low interest rate will help homeowners prevent foreclosure, and save money.

Since so many homeowners need help, this plan is truly the answer for millions of people. Since foreclosures and mortgage defaults are at all time highs, this plan will help a lot of people. Homeowners should take advantage of this plan and get mortgage refinancing or modification into a more affordable monthly payment.

-M Petrone

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