Homeowners can avoid foreclosure and mortgage default be refinancing or getting a home loan modification through President Obamas housing stimulus plan. Millions of homeowners can use this plan to see savings of hundreds of dollars per month on their mortgage, and more importantly, save their home. Here is what you need to know to use this plan for yourself:

-Home loans which were signed prior to January 1st 2009 are able to use this mortgage bailout plan for their situation. Mortgages which were closed on after that are eligible for an $8000 tax credit, but that is different.

-Mortgages from Fannie Mae or Freddie Mac and are over 31% of a homeowners income, are eligible for a home loan modification. This modification will lower the homeowners monthly mortgage payment to less than they are paying now, or lower than 31%. This is a savings of 20% or more for a lot of homeowners.

-Homes which have dropped in value, can now get approved for mortgage refinancing or modification with this stimulus plan from the Government. Homeowners all over have seen their property values drop due to foreclosures, a bad housing market, tightened lending, and bad mortgages.

-Mortgages which exceed the homes market value by as much as 5% will still qualify for home loan modification or refinancing. Previously, a homeowner who owed more than the homes worth would never have a chance at approval.

Foreclosures and mortgage defaults can easily be avoided if a homeowner just takes action. The Government put this plan in place to help struggling homeowners, and if you are, you need to take control of your situation and get a mortgage refinancing or home loan modification through this plan before time runs out. You do not want to lose your home if you do not have to, and now you have an option.

By: Michael Petrone

New programs are in place which allow almost every homeowner facing foreclosure the chance to save their home. Mortgage refinancing and modification packages are now available which help homeowners in nearly any financial situations get a more affordable mortgage. Many homeowners are struggling financially and can still use this plan for themselves.

Home loans everywhere are at risk. Millions of homeowners are unable to pay their mortgage anymore due to a loss of job, increased payments, financial hardships, or lots of other problems. This is causing many homes to be lost to foreclosure or mortgage default, and bringing down entire neighborhoods. Something needed to be done, and President Obama answered with this amazing stimulus plan for homeowners. Now, there is some hope for homeowners and a chance to save their home.

There is over $75 billion dollars in funding for this plan which is there to help homeowners. This money will make mortgage lenders and banks more likely to approve you because they will be getting most of this money. The money mortgage lenders and banks get to help homeowners covers some of their risks when approving an at risk homeowner. Also, this money will cover all costs and fees typically associated with refinancing.

With struggling homeowners being the main concern, getting help for a home loan is easier than ever. Now, there are a lot of new options and programs which can truly benefit millions of homeowners. A homeowner needs to contact their mortgage lender, or a competing lender, and see what they can do for you. Ask about the housing stimulus plan, and how it can help you. This program is here to help. You need to do your part and ask for the help you require.

By: Michael Petrone

Are you one of the millions of homeowners looking to get a more affordable monthly home loan payment? Did you know there are new Government stimulus programs which help homeowners get a better mortgage? Well there is, and taking advantage of them will save you a lot of money.

-Mortgage interest rates right now are near all time lows. These interest rates are generally almost half of what an average homeowners current interest rates are. If a homeowner can save just 1% or more on their interest rates, they should be able to see some good savings, every month.

-Recently, President Obama announced the “Making Home Affordable” plan. This is a $75 billion program designed to help homeowners get out from bad mortgages, and financial situations, and into more affordable monthly payments. This program can lower interest rates to 2%, or extend the length of a mortgage, to achieve a lower, affordable, mortgage payment.

These two driving factors are reasons that refinancing is so popular right now. Also, many homeowners are financially struggling, and need to save money. For these reasons, mortgage lenders and banks have eased some of their refinancing restrictions to allow more homeowners to get an approval. Many homeowners are counting on a beneficial mortgage refinancing to save their home from being lost. The mortgage stimulus plan helps, but so does a low average mortgage interest rate.

Homeowners should look into the potential these new market trends could have on their home loan. Most likely, homeowners will discover that they can be saving hundreds of dollars just be getting a better mortgage. Right now is truly a good time to do something about your expensive mortgage and get a refinance.

By: Michael Petrone