Bad credit mortgage refinancing is easier than ever before. With new Government programs, and the condition of the housing market, mortgage lenders and banks would much rather help a homeowner than let them lose their home. Here are some tips for getting help with refinancing a mortgage with bad credit.

In the past, homeowners with financial problems or bad credit would have had a hard, if not impossible, time finding a beneficial refinancing deal. However, things have changed, and for the benefit of homeowners. These days, with so many foreclosures and mortgage defaults occurring, and the housing market rapidly losing value, many lenders and banks are willing to help homeowners instead of let them lose their home. In the past, they would not care so much if the homeowner lost their house to foreclosure. Now though, the mortgage lenders and banks have large inventories of foreclosed homes, and many of them will actually lose money. The housing market has dropped so much that even selling a foreclosed home may lose money for a bank. They are much more likely to help you, even with bad credit, tan let you lose your home. The lenders and banks would rather take the sure small profit, than risk losing any money on trying to sell your home in a bad housing market.

Another good thing homeowners with bad credit have going for them right now is President Obamas “Making Home Affordable” plan. This stimulus program has over $75 billion in funding to help homeowners get mortgage refinancing or modification. This money is given to lenders and banks who agree to follow the plans guidelines, and help homeowners get a better, money saving, monthly mortgage payment. With this money, homeowners with bad credit, and bad mortgages, can get help refinancing. Millions of people can use this program for themselves, regardless of their financial situation.

Right now is a great time to get a bad credit mortgage refinancing. Contact your mortgage lender or bank and ask about new options tat may be available to you that were not before. Getting help is not as hard as it seems. Odds are if your at risk of losing your home, you can get the help you need before things get worse. Take action now.

-M Petrone

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