Mortgage refinancing with bad credit is now possible for millions of struggling homeowners. New Government programs make getting approved for a more affordable monthly home loan payment make refinancing and mortgage modification easy. Even homeowners with bad credit, or a mortgage that is worth more than their home can get help. Here is how:

Homeowners with bad credit, an upside down mortgage, or are facing foreclosure have been targeted by President Obamas “Making Home Affordable” stimulus plan. This plan will offer hope to homeowners who otherwise would lose their home by offering them new options to refinance or modify their mortgage. Millions need help, and this plan can assist nearly any homeowner from going through a foreclosure. Homeowners not in foreclosure but struggling to make their payments can also get help.

Mortgage lenders and banks are able to help and approve homeowners with bad credit and facing other financial problems because of cash incentives given to them by the stimulus plan. With these cash incentives a homeowner will not have to pay any closing costs or fees. On top of that, the incentive money makes getting approved for refinancing or home loan modification easier. It is easier because there is less financial risk to the lender or bank because they get stimulus money. Also, helping a homeowner save their home is often a better alternative than letting them lose it to foreclosure or mortgage default.

Although the main reasons that refinancing with bad credit are outlined here, there are many more benefits available to all homeowners. Contact your mortgage lender or bank and ask how this stimulus plan can help you.

-M Petrone

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