Do you have bad credit and want to refinance your mortgage? Do you owe more than your home is actually worth? Struggling to make your monthly home loan payments? Are you in foreclosure or worried about it? Then President Obamas “Making Home Affordable” plan is perfect for you. This new stimulus program offers mortgage refinancing and modification options to millions of people, regardless of their financial situation. Here is how this stimulus can help you.

This plans goal is to reduce the overall number of foreclosures, help the housing market, and help millions of homeowners get an affordable monthly mortgage payment. The thought behind this program is that a homeowner will make their home loan payments, if they are affordable. That is why this program will help so many people. Homeowners who get a mortgage refinancing or modification through Obamas stimulus will not have to pay more than 31% of their gross monthly income towards their monthly home loan payment. Homeowners will get lower interest rates, a longer home loan length, or both to make payments affordable. There is even a chance that some principal on the actual loan can be reduced. This will save many people a lot of money, and their home from being lost.

Another huge thing that will help homeowners is the help available for people in bad financial or mortgage situations. Using this stimulus program, a homeowner with bad credit, financial hardships, or an upside down mortgage can still get help refinancing a home loan. Homeowners can actually owe up to 25% more than the homes is actually worth, and still get help. This will relieve the stress and inability to pay the monthly mortgage that millions of people are facing.

Overall, this plan will help a lot of people, the entire housing market, and the economy. The benefits and ease of using this plan will help millions of homeowners save money, their home, or both. Taking action and refinancing a mortgage into a better one has never been easier to do. Take action now and secure your financial future.

-M Petrone

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