President Obamas “Making Home Affordable” stimulus plan is now available for millions of homeowners. This stimulus plan is intended to offer mortgage refinancing and modification options financially struggling homeowners. If you are having a hard time paying your monthly mortgage, or are facing foreclosure, this stimulus plan is for you. Here are some benefits for homeowners who use this plan.

Over $75 billion in stimulus money is being used to help homeowners. This money is primarily being given to mortgage lenders and banks who are offering stimulus plan refinancing options to homeowners. With this money, they are assuming less risk when helping struggling homeowners, and are able to help more people than ever. This means that homeowners who have been denied help before, are facing foreclosure, have lost a job, or are facing other financial problems can get refinancing help.

This plan is designed to help homeowners save their homes, and money. Some of the bigger benefits for homeowners refinancing a mortgage with the Obama stimulus plan include:

-Mortgage refinancing costs fees often cost thousands of dollars struggling homeowners do not have. With this stimulus plan, homeowners will not have to pay any fees for refinancing. This will enable more people to get help and save their home from being lost.

-Homeowners all across the country are facing the reality that their home loan is upside down, and they owe more than the home is actually worth. This would typically make refinancing a very hard, or expensive, thing for homeowners to get. Now though, with Obamas plan in effect, many homeowners are able to refinance even if they owe up to 25% more than their home is actually worth. This helps homeowners, and entire neighborhoods, recover from a bad housing market and economy.

-Homeowners with financial hardships, which can include a loss of job, medical bills, high debt to income ratios, and many other things, can find financial relief from Obamas stimulus and refinance their home loan. Even though these things have never prevented a homeowner from getting refinancing, they made the interest rates and fees higher. They also limited the loan options available to the homeowner. Now though, people with these hardships will be able to get low interest rates, avoid closing costs or fees, and save their home from being lost.

-Professional credit and mortgage consultations are now available for free from HUD offices. These valuable sessions will provide insight to the root of the homeowners problems, and help them find the proper solution for them. These representatives can even act on your behalf when dealing with mortgage lenders and banks. This is designed to help homeowners prevent the mistakes they made and avoid home loan problems in the future.

Millions of homeowners are at a serious risk of losing their home. In fact, right now, home foreclosures and mortgage defaults are at all time highs. Do not let this happen to you as there is now help available that will help you. Do what you can to keep your home, and secure its future by refinancing a mortgage with Obamas stimulus program.

-M Petrone

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