With the financial problems that millions of homeowners are facing, foreclosure and mortgage default are at all time highs. To counteract this, the Obama administration has enabled a $75 billion stimulus program to bailout homeowners, and stop homes from being lost. Millions of homeowners can now use these programs and get a mortgage refinance or modification for themselves. Here is how it works.

This stimulus program will lower a homeowners monthly payments to an affordable 31% of their gross monthly income. This includes any homeowner fees, taxes, and insurance. However, there are some requirements which must be met prior to getting help from the bailout program. Some of those requirements are:

-Pay stubs, tax returns, and expenses will all need to be verified to take advantage of the Government bailout programs. This information is required when applying and cannot be done without it.

-The mortgage must have been finalized and closed on before January 1st 2009.

-The amount due on the home loan is less than $729,500. It could have been more, but as long as the remaining balance is less than this.

-This stimulus program can not be used for second mortgages, or investment properties.

-Only homes in which the owner lives in as a primary residence will be allowed to take part in the stimulus program.

-The homeowners income needs to support the new mortgage payments and must be verified.

-Homeowners with financial hardships need to include a brief letter explaining their situation, and solution. Include why your home is so important, and why you are very serious about saving it. This will help you get the approval you need.

Homeowners who are able to use the Governments stimulus program will receive smaller monthly mortgage payments which will not be more than 31% of their gross income. To achieve this, a homeowner can have their interest rates dropped to as low as 2%, some of their principal deferred, or many more benefits.

There are even rewards available for homeowners who have used this plan and been successful making their home loan payments. Every time a home loan is refinanced or modified according to the Governments stimulus, and the homeowner is able to make 3 months worth of payments on time and in full, they will be rewarded. As much as $1000 can be deducted from the principal amount every year, for up to five years. This will further increase the likelihood you will be able to stay in your home, and not lose it.

Homeowners all across the country are encouraged to get help by using this stimulus plan for themselves. Millions of homeowners can use the billions of dollars and get help for their financial, and mortgage problems. Take action now and use the Governments programs to help you.

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

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