The new mortgage stimulus programs available because of President Obamas “Making Home Affordable” plan will help millions of people. The help will come from new mortgage refinancing and modification options that will lower monthly payments, help homeowners avoid losing their home, and save people money. Here are some important things you should know regarding refinancing a mortgage with Obamas stimulus program.

Right now, getting help refinancing a mortgage is easier and better for millions of homeowners. Even people with bad credit, who have lost a job, owe more than their home is worth, or are facing financial problems can easily get help refinancing. This is all possible because of over $75 billion from Obamas stimulus plan dedicated to helping struggling homeowners. This money will be given to mortgage lenders and banks when they follow the stimulus plan guidelines, and offer refinancing options to homeowners. This money enables the lenders and banks to take more risk, and approve more homeowners than they have ever been able to before. This money is basically insurance to cover potential losses should a homeowner still not be able to make their monthly payments. Many homeowner, mortgage lenders, and banks, are receiving benefits from Obamas stimulus.

With the money providing hope for homeowners, the foreclosure and mortgage default rates should drop. If this happens, homeowners will see their home values start to rise again, and see some improvements in the housing market and overall economy. The goal of Obamas plan is to provide help to homeowners, even if they would not be able to get it regularly. Many people will save a lot of money, and their home, from using this mortgage bailout. Take action now and refinance a mortgage with Obamas stimulus program.

-M Petrone

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