Mortgage refinancing options now exist for nearly every homeowner who is struggling to make their monthly mortgage payments. This is all because of a $75 billion stimulus program from President Obama called the “Making Home Affordable” plan. This housing stimulus plan enables millions of people to easily get approved for a mortgage refinancing or modification that will lower their monthly home loan payments, save money, or prevent their home from being lost. Here is how this plan works.

This plan is designed to help homeowners regain some of their financial security, save money, and save homes from being lost to foreclosure or mortgage default. Never before has the Government gotten this involved in helping homeowners. The new mortgage refinancing and modification stimulus plan is funded by over $75 billion in Government money that keeps interest rates low, and allows millions of people to get help refinancing or modifying a home loan.

The benefits of this stimulus program are huge and the key to how homeowners will get help. Some of the biggest benefits include:

-Low 2% mortgage interest rates for homeowners, who are barely able, or unable to, pay their mortgage. This rate decrease will save many people a lot of money and allow them to have a better control of their finances and expenses.

-Very easy qualification requirements for struggling homeowners looking to get approved for a mortgage refinancing or modification. Bad credit, upside down mortgages and other financial hardships will not disqualify a homeowner from getting help.

-Monthly mortgage payments will not be larger than 31% of a homeowner’s gross s monthly income. This will be a big reduction in payment amount for many people.

Millions of people can, or are, getting help by refinancing or mortgage modification with Obamas stimulus plan. Take action now and save yourself some money, and your home. Do not let your situation get worse without trying to help it. Contact a mortgage lender or bank today and see what options may exist for you.

-M Petrone

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