Mortgage refinancing and modification is now easier than ever to get approved for thanks to President Obamas housing stimulus plan. This stimulus plan provides millions of struggling homeowners new home loan modification or refinance options that will save them a lot of money, their home from being lost to foreclosure, or both. Here is what homeowners need to know about getting a mortgage modification or refinancing with Obamas housing stimulus plan.

The goal of this stimulus plan is to reduce the all time high number of foreclosures and defaults that is happening now. This stimulus plan is backed by over $75 billion in funds that keep mortgage interest rates low, and it provides cash incentives to mortgage lenders and banks who follow the stimulus plans rules and help homeowners. These incentives are key to helping struggling homeowners and make getting approved for mortgage refinancing or modification much easier than ever before. Without the cash incentives, mortgage lenders and banks would not be able to help “at risk” homeowners due to too much financial risk.

Because of the stimulus plan and the cash incentives, homeowners with no job, bad credit, no home equity, or other financial problems can get help with their home loan, save money, and prevent foreclosure. The cash incentives also allow the lenders and banks to make these new mortgage refinancing and modification options low or no cost at all, which helps struggling homeowners. Now, nearly any homeowner, in any situation can get help and get approved for a beneficial home loan refinance or modification.

Millions of people are eligible to take advantage of this stimulus plan, and many already have. Homeowners are being told and encouraged to use this stimulus plan for their home loan, and save a lot of money, prevent a foreclosure, or both. Mortgage refinancing and modification is easier to get approved for than ever before and homeowners should contact a mortgage lender or bank today to see what new loan refinance or modification options exist for them because of Obamas stimulus plan.

-M Petrone

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