Are you a homeowner who is facing foreclosure? Well, do not let it happen. New Government refinancing and home loan modification programs exist which give millions of homeowners the chance to save their home. Here is some information to help you understand how this plan works, and who is eligible to use it.

This is a $75 billion mortgage bailout plan aimed at helping homeowners facing losing their home to foreclosure or mortgage default. This plan needed to be enacted to help the housing market, and the overall economy. With so many people in so many financial problems, this program provides a real chance for millions of homeowners to save. Homeowners who are wise enough to take advantage of this plan for themselves can stop any pending foreclosure process, and prevent one.

Many homeowners are rushing to banks and mortgage lenders to try and use this plan for themselves. While this approach has helped a lot of people, most homeowners would benefit from knowing some of the qualifications before they assume they can get approved.

Here are some of the eligibility requirements homeowners need to meet to use this plan for their mortgage refinancing:

-The mortgage needs to be from before January 1st 2009

-The home must be the primary residence of the mortgage holder.

-For single family homes, the limit the mortgage can be for is $729,500. this amount is increased if the building is a multiple unit building.

-Homeowners will need to be able to verify all finances, debts, income, and related information.

Many mortgage lenders and banks are offering this program to homeowners who come to them looking for help. The lenders and banks are happy to help all types of homeowners. People with bad credit, an upside down mortgage, who have missed payments, or are in other financial problems can get approved for help. This is possible because of the $75 billion in stimulus money. This money will be given to mortgage lenders and banks who help homeowners. If a lender or bank helps a person save money, their home, or both, using this programs guidelines, they receive a cash incentive. This money covers their potential financial losses, and increases the chance of them easing their restrictions on refinancing to approve more homeowners.

This plan is designed to help stop foreclosure, and prevent it from happening. President Obama saw a desperate need for homeowner financial relief, and has provided that with this mortgage bailout program. Take advantage for yourself.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner