President Obama announced a $75 billion stimulus plan that is designed to help millions of struggling homeowners. Using this stimulus plan, homeowners will be able to get a mortgage refinancing that saves them money, their home from being lost to foreclosure or default, or both. Nearly every homeowner is able to take advantage of this stimulus plan and get a better more affordable mortgage. Here are some things that people need to know about refinancing a mortgage with the Obama housing stimulus plan.

This stimulus plan was enacted due to the all time high number of foreclosures and defaults. Many homeowners are struggling to make their monthly home loan payments and are at serious risk of losing their home. Now though, because of this stimulus plan, even struggling homeowners with bad financial situations will be able to get help. Many homeowners have tried to get a mortgage refinance or modification but have been denied due to bad financial problems, not enough equity, or bad debts. Now though, because of the Obama plan, millions of people will get an approval for mortgage refinancing or modification, regardless of any financial or mortgage problems.

The money from Obamas stimulus plan is being used to give to mortgage lenders and banks to encourage them to take on more people in worse situations. Cash incentives are only given to the mortgage lenders and banks if they follow the Obama plan and help homeowners. This means that lenders and banks are encouraged to help homeowners, and they are.

Never before has this much help been available for homeowners who want to refinance. Millions of homeowners can save a lot of money by using this stimulus plan for themselves. Do not wait any longer and contact a mortgage lender or bank today to see what new mortgage refinancing or modification options exist for you because of President Obamas $75 billion housing stimulus plan.

-M Petrone

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