Many homeowners are struggling to make their monthly home loan payments, or have already missed some. This is leading to a record number of foreclosures and mortgage defaults. As a result, the Obama administration has enacted the “Making Home Affordable” stimulus plan. This plan offers homeowners new mortgage refinancing options that will save their homes from being lost, and save them money. Yet, many people are not using this stimulus plan for themselves. Here are some reasons homeowners are not using Obamas stimulus housing program.

Many homeowners are finding it difficult to get help refinancing through Obamas stimulus plan. This is due to many reasons, but a few of the biggest problems are effecting the most homeowners. Many people do not even know that this program exists, or believe that their situation is so bad that they cannot get help. Many other homeowners are having a hard time providing the needed documents and paperwork to get refinancing through Obamas plan.

Homeowners across the country are facing the reality that unless something changes, they will lose their home. Still, many people decide to let their home be lost to foreclosure or default, instead of look into the benefits Obamas stimulus plan can offer them. A lot of people think their financial problems or mortgage situation is helpless, but it is not. The whole purpose of the Presidents stimulus program is to help struggling homeowners. This includes homeowners in all types of financial situation including those with bad credit, who have lost a job, or who more than their home is actually worth. Since the economy and housing market are so bad, the Obama administration knew they had to do something to help the masses of homeowners who need help. That is why the $75 billion stimulus program was enacted.

Another common problem facing homeowners in the lack or inability to provide necessary paper work and documents needed to refinance a mortgage. A lot of homeowners are self employed, have lost a job, or are going through financial changes and have a hard time verifying their income, assets, or other things. This is a serious problem when it comes to refinancing a mortgage due to income, assets, bank statements, and other financial related information needed to be verified. Even when using Obamas stimulus program, homeowners need to be able to verify everything that they put on the application. Mortgage lenders and banks will not lapse like they did before, and are very stringent on verifying homeowners applications. This is proving to give homeowners a hard time when refinancing due to some of the documents needed within a certain time frame, and people are unable to meet those demands.

While refinancing with Obamas stimulus plan can be a great move for many, few actually have. Do not let your situation get worse and take action now. Get your paperwork and related refinancing documents in order prior to trying to refinance and then seek help. Do not thing that just because your situation is bad that getting help is impossible. Contact a mortgage lender or bank and see what mortgage refinancing options exist with Obamas stimulus program and get help.

-M Petrone

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