Homeowners everywhere are struggling to make their payments, and many homes are at risk of being lost. However, new Government stimulus plans make refinancing a mortgage easier than ever. The “Making Home Affordable” plan from the Obama administration now offers millions of people new mortgage refinancing options that were not available before. Here are some major facts and things you should know regarding refinancing a mortgage with Obamas stimulus plan.

Mortgage foreclosures and defaults are at all time highs. This is due to a bad housing market, a troubled economy, and homeowners with too many financial problems. However, since things were getting so bad, the Government knew something needed to be done. That is why they enacted the “Making Home Affordable” stimulus plan for homeowners with over $75 billion in funding.

This money is what really helps homeowners. For the most part, a lot of the $75 billion will be given to mortgage lenders and banks who approve refinancing for homeowners and follow the plans guidelines. With this money, homeowners who are struggling are much more likely to get approved for mortgage refinancing from Obamas stimulus. This money will help cover potential financial risks a lender or bank takes on when refinancing a struggling homeowner. This money also gives incentives to the lenders and banks to offer these new refinancing programs to begin with.

Never before has so much help been available to struggling homeowners. In the past, homeowners with an upside down mortgage, bad credit, or tough financial situation would have a hard time getting approved for mortgage refinancing. Now though, with the Government program in full effect, homeowners can easily get help refinancing, regardless of their financial situation.

Homeowners should take advantage of this Obama stimulus plan and refinance their mortgage. The help is out there but you must pursue it. Do not lose your home to foreclosure or mortgage default and take action now.

-M Petrone

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