Being one of only a few selected lenders to offer President Obamas stimulus plan, Wells Fargo, is going all out to help homeowners. New programs in place which will allow almost every homeowner the chance to get a better mortgage through refinancing or modification. Wells Fargo has fully embraced this stimulus program and is now offering it to homeowners. Here is how it works.Homeowners who wish to get a mortgage refinancing or modification from the Governments plan need to meet some eligibility requirements. Some of which include missing home loan payments, financial hardships, upside down mortgages, or a home that has dropped in value. In the past, homeowners with these problems would need to use a subprime mortgage lender or similar service. These services are often costly, and carry higher interest rates. However, with the new stimulus programs, homeowners can use the services of a large, respected, and well known lender like Wells Fargo.While there are many lenders and banks out there, not all of them have been approved to offer the stimulus plan. Lenders and banks like Wells Fargo who are approved will receive cash incentives when they help a homeowner according to the stimulus programs guidelines. Also, for every year up to 5 years a homeowner makes their payments on time and in full, the lender or bank who helped them will receive additional cash. This money has eased lenders restrictions on who is eligible for mortgage refinancing and modification, and allows them to approve more homeowners.Most homeowners who use this plan will be facing a financial hardship of some kind. If this is the case, a letter of financial hardship will need to be written and submitted to Wells Fargo with your mortgage refinance or modification application. While remaining as brief as possible, this letter should state your problems, potential solutions, and why saving your home is so important. This letter can easily separate you from the rest of the homeowners if it is written correctly. For some people, this letter will not be as crucial as it is evident that they are not able to make their monthly mortgage payments.Homeowners in all types of financial or home loan problems should contact Wells Fargo and see how this stimulus program can help them. The help is available and professionals are waiting to assist you. Do not let your situation get worse, take action now.