Use President Obama’s Stimulus Plan For Mortgage Refinance Or Modification and Prevent Foreclosure

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Many people are at risk of losing their home to foreclosure or loan default. However, there are ways to prevent the bank or lender from taking your home. Homeowners need to know how to use President Obama’s stimulus plan to help them avoid foreclosure or default, save money, and get a better more affordable monthly mortgage payment.It is possible to keep your home even if the foreclosure process has already begun. It is actually a lot easier than many people would believe if you understand how the Obama stimulus plan works and the benefits it provides. Actually, most homeowners are unaware of how to prevent their home from being lost and believe that they are helpless in the situation. That is not the truth at all.President Obama’s mortgage stimulus plan is backed by over $75 billion in funding. All of that money is being used to keep mortgage interest rates low, and provide new mortgage refinancing and modification options designed to prevent or stop foreclosure and loan default, and help people avoid getting into the same financial problems in the future. This is all possible because of the $75 billion and many mortgage lenders and banks who are participating in the program to help homeowners.The housing market is in bad shape. Many homes are worth much less than they were when purchased. This means that many lenders and banks would actually take a loss if they had to foreclose on a lot of homes. In addition to that problem, many people have already lost their homes to the lender or bank and that has left them with a huge inventory of homes they need to sell in a bad market. As opposed to let another home be lost, many lenders and banks would rather help homeowners save their home and offer them new mortgage refinance or modification options. Add that with Obama’s stimulus plan and homeowners with all kinds of bad financial or mortgage situation can now easily get approved for mortgage refinancing or modification of their home loan.According to Obama’s stimulus, mortgage lenders and banks need to offer homeowners some pretty good benefits to get cash incentives from the Government. Some of the biggest benefits available to homeowners are:- The ability to stop a foreclosure even if it has already begun.
– Monthly mortgage payments that do not cost more than 31% of a homeowners monthly gross income.
– Home loan interest rates that can be lowered to as little as 2%
– Mortgage refinance or modification approval for people with bad credit or upside down mortgages.
– There will be no closing costs or other related fees when refinancing or modifying a home loan.While many more benefits exist, those are by far the biggest ones. Millions of people are eligible to use this program for themselves, save money, and prevent their home from being lost. Do not be a victim of a bad home loan or a tough economy. Take the appropriate steps now by using the Obama plan for yourself and your home loan.