Bank of America offers home loan refinancing and modification options to all types of homeowners thanks to President Obamas mortgage bailout. This $75 billion stimulus plan is in place to help struggling homeowners get refinancing or mortgage modification into a better, more affordable monthly rate. Bank of America is participating in this stimulus program and here is how this plan works for homeowners who want to use them for refinancing a mortgage.

Bank of America has always been helping and able to assist homeowners in nearly any situation get help refinancing their mortgage. Now, they can offer even more help to even more homeowners thanks to President Obamas stimulus program. Bank of America is one of a select few mortgage lenders or banks who are authorized to offer this program to homeowners. This is all possible because of over $75 billion in funding that is aimed at helping homeowners save money, avoid foreclosure, or save their home.

This money is going to be given to mortgage lenders and banks as an incentive to help homeowners and follow the stimulus plan guidelines. This money gives them more reason to want to help homeowners, and the financial backing to do so without taking on a large risk and helping a struggling homeowner. The goal of Obamas stimulus is to get homeowners into a monthly mortgage payment they can actually afford, and this money and the participating lenders and banks help push that goal. With foreclosures and mortgage defaults at all time highs, many homes will end up actually losing money if they are lost and need to be sold by the bank or lender. Instead of taking that risk, mortgage lenders and banks are much more likely to help you instead of letting you lose your home.

Homeowners who use President Obamas stimulus plan will get some benefits from refinancing. Some of the biggest ones include:

-No closing costs or fees for refinancing a mortgage with Obamas stimulus plan and an approved lender or bank. These fees usually costs thousands of dollars but are waived with this mortgage bailout plan.

-Mortgage rates can be lowered to as low as 2% or a home loan can be extended in length. Both of these things will reduce your monthly mortgage payments. Sometimes, a combination of both things will be needed to get the payments to an affordable level.

-Homeowners who owe up to 25% more than their home is worth or who have bad credit or financial problems can still get help. Even homeowners who have been recently denied a refinancing can now find the help they need.

Bank of America mortgage refinancing is a great way for many people to save their home, avoid foreclosure, and save money. Never before has such an extensive plan been offered to homeowners. Getting help refinancing is easier than ever. Contact Bank of America and ask about their new mortgage refinancing stimulus options.

-M Petrone
http://www.RefinancingCondo.com

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