Bank of America is now offering homeowners new refinancing and mortgage modification options thanks to President Obamas stimulus plan. This $75 billion stimulus will allow banks and lenders to help homeowners in all types of bad situations. Bank of America is now offering these new plans to homeowners. Here are some things you should know.

Over $75 billion is available as an inventive to get lender and banks, like Bank of America, to offer refinancing and mortgage modification options to help homeowners save money, and their home from being lost. The thought behind this plan is that if a homeowner is able to make the monthly payments, they will. However, many people are having financial or home loan problems, and are losing their houses to foreclosure at a record pace.

This plan aims to help homeowners by giving money to mortgage lender and banks who abide by the plans guidelines and help homeowners. Bank of America mortgage refinancing options now exist which do just that. Some of the bigger benefits for homeowners include:

-The ability to refinance an upside down mortgage. Homeowners can now find refinancing options even if they owe up to 25% more than their home is actually worth on the market.

-Homeowners who have financial hardships will be able to get help. A letter stating your problems, and what your plan is to solve them is necessary to do this.

-Homeowners with bad credit, or who have been denied a mortgage refinance or modification in the past now stand a much better chance of getting the help they need.

Millions of homeowners will be able to save money and their home by using this program for themselves. Bank of America makes it even easier with friendly, knowledgeable staff that is willing, and able to help nearly any homeowner get a better mortgage. Contact them today and see what this Obama mortgage bailout plan can do for you.

-M Petrone

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