Mortgage refinancing and modification options now exist for nearly any homeowner, in any financial situation, thanks to President Obamas housing stimulus plan. This stimulus plan provides millions of homeowners new mortgage modification and refinancing options that will save them money, save their home from being lost to foreclosure, or both. Here are some things that homeowners need to know about getting a mortgage modification or refinancing with Obamas housing stimulus plan.

Many homeowners need help with their home loans and are now able to get it because of this $75 billion stimulus plan. This housing stimulus plan provides new mortgage refinancing and modification options that will save homeowners hundreds of dollars per month, prevent their home from being lost to foreclosure, or both. Before this stimulus plan existed, many struggling homeowners would not be able to qualify for a beneficial low interest rate mortgage refinancing or modification. Now though, because of Obamas stimulus plan, homeowners with bad credit, no job, an upside down mortgage, or other financial problems can get approved for mortgage refinancing or modification.

This stimulus plan has over $75 billion in Government backing that is being used to keep home loan interest rates low, and to provide cash incentives to mortgage lenders and banks. These cash incentives allow the participating lenders and banks to approve more “at risk” mortgage refinance or modification applications. Because of the incentives, many lenders and banks have eased their refinancing and modification restrictions. Due to the eased restrictions, more homeowners than ever before can get approval for refinance or modification that will save them a lot of money, ever y month.

Homeowners are being told and encouraged to take advantage of this housing stimulus plan and get a mortgage refinancing or modification. There has never been a better time to get into a better, and more affordable, home loan. President Obamas stimulus plan will allow millions of homeowners to get a refinancing or mortgage modification. Millions of people will benefit from this stimulus plan, and many already have. Homeowners should take action and take advantage of this housing stimulus program.

-M Petrone

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