Mortgage refinance options now exist for homeowners in all types of bad situations. Do you owe more than your home is worth? Have you missed some payments? Are you in foreclosure? Do not panic, there is help available. Here is how a homeowner can immediately get the help they need to save their home from being lost.

Homeowners need to know that once they get themselves into a mortgage modification or refinancing deal, any pending foreclosure will stop, and you will be considered “current” on your mortgage. While refinancing and modification were hard to get approved for in the past, millions are now able to use new Government stimulus programs and get the help they need. This is because of the record number of people facing foreclosure, the bad housing market, and tough economy. Mortgage lenders, banks, and President Obama knew that homeowners needed help otherwise things would get even worse.

That is why in early 2009 the Obama administration announced its mortgage bailout program. This $75 billion program is designed to help homeowners in all kinds of bad situations get the help they need to keep their home. The thought behind this program is that regardless of the homes value, or the economy, if a homeowner can afford their mortgage payments, they will stay in their home. That is why a big benefit of this program is that homeowners who use it for mortgage refinance or modification will get a monthly payment that is nor more than 31% of their gross monthly income. This payment amount needs to include taxes, insurance, and other costs in it. This will be a major reduction for a lot of people in their home loan payments.

To get payments to an acceptable level, mortgage lenders can offer a lot of great options to a homeowner. Mortgage rates can be reduced to as low as 2%, a home loan can be extended for up to 40 years, or both. Also, any missed payments can be payed off over a time period instead of a lump sum, further reducing the financial stress on a homeowner.

Literally millions of homeowners can use this plan for themselves and save their home, save money, or both. Many homeowners have already taken advantage of these new programs for themselves. However, plenty of help is still available. If you are at risk of losing your home, look into the potential benefits this program may offer you.

-M Petrone

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