Thinking about refinancing your mortgage? Afraid that you will be denied due to a bad mortgage or tough financial problems? Than you may be happy to learn about President Obamas “Making Home Affordable” plan.

This plan offers help by giving cash incentives to selected mortgage lenders and banks who follow the guidelines in the stimulus program and help homeowners. Mortgage lenders and banks who have approved a homeowner according to the plans guidelines will receive cash incentives for helping. Also, these incentives provide some financial assurances to the lender or bank who is backing a struggling homeowner. This means that with less potential for a loss, getting approved from an approved lender or bank is easier than ever.

New benefits available to homeowners include things like reduced interest rates, the ability to change the length of the loan, or the chance to alter terms and conditions of the mortgage. Some homeowners will receive both lower interest rates, and a longer mortgage to make their payments low enough to be affordable for years to come. This is because the guidelines of Obamas stimulus plan call for a homeowners payment to not exceed 31% of their gross monthly income. This will be a dramatic reduction in payment amount for millions of homeowners.

Mortgage refinancing and modification
options have never been so plentiful for such a wide variety of homeowners. While this plan is mainly dedicated to homeowners who will, or are, losing their home, many homeowners who have a mortgage they can barely afford an also get help. There is money out there, and help is available. Even for the homeowners who feel the most trapped, help is available. Take action now and use this “Making Home Affordable” plan for yourself.

-M Petrone

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