Mortgage refinancing with bad credit or other financial problems is easier than ever. While getting help in the past may have been hard to find, these days help is available for nearly any homeowner. This is because of President Obamas $75 billions mortgage bailout stimulus program. This plan will help all homeowners get a better, more affordable monthly mortgage, keep their home, save money, or all three. Millions are eligible to use this program for themselves. Here is what you should know:

Homeowners with bad credit or other financial problems would have a really tough time trying to find home loan help. However, that has changed in recent months as the housing market has gone down hill and new Government programs are in effect. The combination of the bad market, Government stimulus programs, and low interest rates makes refinancing a mortgage a great move for many people.

With such a bad economy and housing market, homeowners needed help. Foreclosures and mortgage defaults are at all time highs, and President Obamas goal with the stimulus was to lower that number. Now, more than 8 million people can get mortgage help through new refinancing and mortgage modification options, regardless of their financial standing. The plan was made to enable the most number of people to get the lowest monthly payments possible. The thought is that is someone can make their payments every month, they will, regardless of the housing market or economy. That is why a major goal of Obamas stimulus is to lower a homeowners monthly payments to less than 31% of their gross monthly income. This includes living fees, insurance, and other costs. This will dramatically lower many peoples payments, and hopefully enable them to keep their home and avoid foreclosure or default.

While there are many other benefits that come from Obamas stimulus, another important one is that nearly everyone is eligible. That means even if you owe more than your home is worth, lost your job, have bad credit, or are facing other financial problems, you can get a mortgage refinancing or modification, save money, save your home, or both. Do not let your financial problems stop you from getting the help you need. Contact your mortgage lender or bank and ask how President Obamas stimulus can benefit you when refinancing a mortgage.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner