Are you one of the millions of homeowners facing foreclosure? Having a hard time making your monthly mortgage payments? Have you fallen behind and missed some payments? Well take action and use President Obamas mortgage bailout plan for yourself.

New programs from President Obamas $75 billion “Home Affordability Plan” allow homeowners to get help lowering their monthly payments, and saving their home from foreclosure. Homeowners in all types of bad situations can get mortgage refinancing or modification help. Here are some of the big problems facing homeowners these days:

-Upside down mortgages. This is when a home is worth less than the amount due on the mortgage. Many homes have dropped in value since they were purchased, leaving the homeowner holding the bag. Many people bought a home they could barely afford hoping that it would increase in price, however many homes have lost value. This leaves the homeowner with a high, barely, if at all, affordable payment, and a home worth much less. This would typically make refinancing hard to get approved for.

-Bad ARM loans. Many people who bought a home when the market was booming got themselves into an adjusted rate mortgage thinking things would get even better. Many of these homeowners were approved for mortgages they could barely afford due to the belief they could refinance later when the home increased in value. This has left many people stuck with an ARM loan that is increasing in cost every month.

-Bad credit ratings have effected millions of people. Especially with a weak economy, many homeowners have seen their credit decline. This would have made getting approved for a refinancing that will be truly beneficial a difficult thing to do.

-Financial hardships of all kinds such as, loss of job, reduced income, hospital bills, and bad credit card debt are wreaking havoc for a lot of people. This is making it hard to pay the home loan payment every month. Also, unemployment is up which leaves a lot of people with absolutely no income.

Homeowners who need help getting a better home loan, and keeping their house, have choices. Regardless of your problems, or the reason you got into them, help is available. While this plan may not benefit everyone, millions of homeowners can save their house or a lot of money by using it. Getting approved for mortgage refinancing is easier than ever with these programs. If you are having a hard time paying your home loan, take action now and get help.

-M Petrone

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