Mortgage refinancing and modification for homeowners with bad credit or in bad home loans just got a lot easier. This is because of Obamas “Making Home Affordable” stimulus program. Over $75 billion is available to help homeowners get a more affordable monthly mortgage payment. Here is how you can benefit from this plan and how it works.

This plan is focused on helping homeowners at risk of losing their home. With millions of homeowners looking for help to save their home, this plan provides a lot of assistance. Right now, struggling homeowners can get interest rates as low as 2%, their mortgage extended, or both. The guidelines of this program state that a homeowner who gets help from it will not have to pay more than 31% of their gross monthly income for their mortgage. This will be a major reduction in payment amount for many homeowners.

This will be possible for homeowners in all types of situations. This is because the $75 billion will be given to mortgage lenders and banks who approve homeowners for help. Also, there will be additional cash incentives for every year a homeowner is able to make their new payments. This means that right now it is in the best interest of the lender or bank to offer you a good refinancing option.

Nearly any homeowner can use this mortgage stimulus program to their advantage. Even homeowners with bad credit, upside down mortgages, or other financial problems will not have a hard time getting help from this program. Do not let your home be lost to a foreclosure or mortgage default. Take action now and get the help that is available from the “Making Home Affordable” plan.

-M Petrone

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