Bank of America is participating in President Obamas “Making Home Affordable” plan. This mortgage bailout program will help millions of homeowners get a mortgage refinance or modification which will save them money, their home from foreclosure, or both. Homeowners all across the country can use Bank of America and these new programs for themselves. Here is some help getting started.

Mortgage refinancing and modification
have never been easier or more beneficial for a homeowner. Regardless of your financial situation, there are new programs designed to help prevent homes from being lost, and save homeowners a lot of money. Bank of America is one of the few approved mortgage lenders and banks who are approved to offer these new refinancing and modification options to homeowners. This is because they have proven that they will follow the programs guidelines, and offer help to struggling homeowners. As in incentive for doing this, Bank of America will get a cash incentive every time a homeowner is approved under the stimulus plans guidelines. This money is an incentive which lessens the financial risks and burdens of helping a struggling homeowner. Also, this money will enable lenders and banks like BoA to help even more people.

The thinking behind these programs from Obama is that no matter the situation, if a homeowners monthly payments are affordable, they will make them. That is why all homeowners who get help from this mortgage bailout will get a monthly payment that is no more than 31% of their gross income every month. This payment will also include taxes, and other loan and home expenses. This provides a huge reduction for many homeowners who are financially struggling.

Other benefits include the fact that now homes that have dropped in value, many people are upside down on their mortgage. Now though, using Bank of America mortgage refinance and this mortgage bailout plan, homeowners can owe up to 25% more than their home is worth, and still get approval for refinancing or modification on their mortgage.

All in all, millions of homeowners can benefit from using Bank of America and Obamas mortgage plan. Getting help is easy, contact Bank of America and see how you can benefit from this plan.

-M Petrone
http://www.RefinancingCondo.com

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