Using President Obamas mortgage stimulus program will save millions of homeowners from losing their homes. Many people who would not have been able to get approved for a beneficial mortgage refinancing before this plan existed can now get help. Over 8 million homeowners are able to use this plan and get a more affordable home loan, and save their home from being lost. Here is how:

Cash incentives are given to mortgage lenders and banks who approve homeowners truly at risk of losing their home. These incentives are provided from the stimulus plans $75 billion in funding. This money enables the mortgage lenders and banks to take on homeowners who are considered at risk of losing their home, and offer them a way to save money and their home. Also, the lender or bank who approved you will receive additional incentive money every year, up to 5 years, that the homeowner is able to make their payments on time and in full. This means that financially, it is in the best interest of the lender or bank to offer you a truly good mortgage refinancing deal that is beneficial short and long term.

To get approved, a homeowner should be facing financial hardships such as a loss of job, reduced income, hospital bills, or other problems, or already be late and maybe missing a few payments. Many homeowners are in this situation and either are facing foreclosure, or soon will be. While getting help may seem difficult, and it was, now, it is easier than ever before to get help.

If you are behind on payments, in a home that has dropped in value, or are facing other financial problems, contact a lender or bank today and see how Obamas stimulus plan can help you refinance. Odds are good that you will be able to save money, your home, or both, and get your future finances in order. Losing your home does not have to happen, do not let it.

-M Petrone

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