Millions of homeowners are now eligible to refinance a mortgage using President Obamas stimulus plan. This stimulus provides over $75 billion in funding to assist struggling homeowners and offer them new mortgage refinancing options that will lower their payments, and prevent their home from being lost. Here is what homeowners need to know about how this stimulus plan works and can help them.

Mortgage lenders, banks, entire neighborhoods, and many individual homeowners are feeling the wrath of a bad economy and worse housing market. Mortgage defaults and foreclosures are at all time highs which creates even more problems. However, President Obamas “Making Home Affordable” stimulus plan is designed to help.

This program is designed to help homeowners who are struggling most. Through this program nearly any homeowner can find financial relief through new mortgage refinancing options. These refinance options will lower a homeowners payments, save them money, or prevent their home from being lost. The stimulus plan refinance options make sure that a homeowner will be able to afford their new monthly payment, and will not be in this same situation again in the future. The refinancing options from Obamas plan say that monthly payments for struggling homeowners should not be more than 31% of their gross monthly income. This rate includes taxes, insurance, and any home association fees. This will be a huge savings and is one of the ways homeowners will benefit from this plan.

Another big benefit is the fact that homeowners with bad credit, homes that have dropped in value, or who are facing other financial problems can still use this plan for themselves. In fact, this plan was designed specifically to assist struggling homeowners so that they do not lose their home, and can regain their financial composure. Even homeowners who have been denied in the past will find it much easier to get a mortgage refinancing approval from this Obama stimulus.

Homeowners should take advantage of this refinancing options now and start saving money. Never before has a plan this big been enabled that can help so many millions of homeowners. Take action now before your situation gets worse.

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

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