Bad credit mortgage refinancing is easier than ever. That is because of a struggling housing market, mortgage lenders and banks who are eager to help homeowners avoid foreclosure, and President Obamas mortgage stimulus plan. These conditions have led to easier and more beneficial mortgage refinancing options than have ever existed before, for all homeowners. Here are some tips to refinancing a mortgage with bad credit.

Just a few years ago, trying to refinance a mortgage with bad credit, financial problems, or an upside down mortgage was nearly impossible to do at decent interest rates. These days though, things have changed. Now, the housing market is in really bad shape, and the overall economy is hurting. Mortgage foreclosures are at all time highs, and home values are dropping. Mortgage lenders and banks do not want to deal with more foreclosures, which could end up costing them money. Instead, they would rather help homeowners get an affordable mortgage payment, and help them keep their home. Also, new mortgage bailout programs are in place from the Obama administration which are designed at offering refinancing options for all homeowners, regardless of their problems. Combine this, and homeowners with bad credit will find that it is easier to get help today than it ever has been before.

The bailout plan alone will benefit millions of homeowners in all types of bad situations. Things like an upside down mortgage, bad credit, or financial problems are not reasons you will be denied a mortgage refinancing if this stimulus plan is used. That is because this program calls for homeowners everywhere to get refinancing approval, and mortgage lenders and banks to get money to help them do it. Every time a homeowner gets help with their mortgage, the lender or bank will get incentive money for helping them. This gives them even more initiative to help you, and a financial protection from potential losses.

To get the money though, mortgage lenders and banks need to do a few things for homeowners who want to refinance. Some of them include:

-Lowering mortgage payments to 31% or less of a homeowners monthly income.

-Lower mortgage interest rates.

-Extend the length of a home loan to lower payments.

-Offer refinancing options to homeowners who more on their home loan than their house is actually work.

-Help homeowners who are going through financial problems like loss of a job, reduced income, or other financial problems

Millions of homeowners are eligible to get help refinancing their mortgage into a better one that is more affordable. Many homeowners have already used this plan for themselves and are saving money, or have saved their home from being lost.

Use this plan for yourself, even if you have bad credit. Mortgage refinancing is easier than ever, contact your lender and ask about the stimulus plan.

-M Petrone

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