Many homeowners need to get a mortgage refinancing or modification so that they can prevent their home from being lost to foreclosure and default. The “Making Home Affordable” stimulus plan from President Obama makes millions of homeowners eligible to get a mortgage refinance or modification that will save them a lot of money, and their home from being lost. Nearly any homeowner, regardless of their financial situation, is now able to get approved for a beneficial mortgage refinancing or modification. Here are some things that people need to know about getting into a better home loan with President Obamas housing stimulus plan.

This stimulus plan is backed by over $75 billion in Government money that is being used to lower interest rates for everyone, and that is being given to mortgage lenders and banks as cash incentives. These cash incentives allow mortgage lenders and banks to approve more homeowners than ever before, and take less financial risk. The only way that the cash incentives are given out though is if a lender or bank helps a struggling homeowner and follow the rules of Obamas stimulus plan. The rules of the stimulus plan make it easy for any homeowner to save a lot of money by refinancing a mortgage into a new one with better interest rates, fees, or other costs. In the past, homeowners needed to have a good credit history, equity in their home, and have a good overall financial situation. Now though, because of this stimulus plan, nearly any homeowner can get approved for mortgage modification or refinancing, regardless of the past.

The rate of foreclosure and mortgage default is higher now than it ever has been before. Homeowners are encouraged to take action and use this housing stimulus plan for themselves before they lose their home. Do not wait any longer and contact a mortgage lender or bank today and ask what new mortgage refinancing or modification options exist for you.

-M Petrone

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