Bad credit mortgage refinancing options now exist for millions of homeowners. This is all because of the $75 billion stimulus plan President Obama has enacted to help struggling homeowners. This money makes refinancing a mortgage easier to do for homeowners with bad credit, upside down mortgages, or other financial problems. Here is how you can use this stimulus plan for yourself and refinance a mortgage.

Since the housing market and economy are in such bad shape, many homeowners are struggling to make their home loan payments. However, many homeowners are losing their home as right now the rate of foreclosures and mortgage defaults is at an all time high. That is why President Obama enacted his stimulus program for struggling homeowners.

This program provides cash incentives to mortgage lenders and banks who offer and approve homeowners in accordance with the stimulus plan. This money makes refinancing easier for homeowners who would have had a hard, if not impossible, time finding a beneficial mortgage refinancing deal. This money enables mortgage lenders and banks to take on less risk, and approve more homeowners than they have ever been able to before.

This program is designed to get homeowners into an affordable monthly mortgage that does not exceed 31% of their gross monthly income. The thought is that no matter what else is going on, if a homeowner can make their monthly payments, they will. This plan will reduce the number of foreclosures and mortgage defaults while at the same time help million of homeowners who need to refinance a mortgage to prevent their home from being lost. Even homeowners with bad credit, financial hardships, an upside down mortgage, or other problems will find it easy to use this stimulus plan to get a mortgage refinancing.

Homeowners need to take action now and take advantage of low mortgage interest rates and Government stimulus programs. Getting help refinancing a mortgage, regardless of your financial position, has never been easier. Take action now and get help.

-M Petrone

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