Even though the economy and housing market are in bad shape, getting help to save you home from being lost to foreclosure or mortgage modification is easier than ever. New Government stimulus programs allow millions of homeowners new mortgage refinancing or modification opportunities which allow them to save money, their home, or both.In the past, homeowners with bad credit, an upside down mortgage, financial hardships, or other problems, would have a hard time getting approved for a mortgage refinancing or modification. The housing market was strong, and foreclosures were low. Now though, things are different. The market has tanked, leaving homes values at all time lows. This bad market has also created millions of homeowners who are unable to make their monthly mortgage payments, or are barely able to. This is creating a huge wave of foreclosures and home loan defaults, which makes the housing market, and overall economy, worse. Mortgage lenders and banks are now much more likely to help homeowners as opposed to letting them be foreclosed on. Foreclosures are no longer very profitable, and a lender or bank would rather take sure profits and help homeowners, then deal with another home they need to sell. This has created an environment which allows homeowners in bad situations to more easily get the help they need to save their home.Also, as a response to the millions of struggling homeowners who need help, President Obama has announced his “Making Home Affordable” stimulus plan. This $75 billion program allows homeowners in all types of bad situations to get the help they need to save their home. When a mortgage lender or bank approves a homeowner using this plan and following its guidelines, it will receive a cash incentive. This money allows them to assume more risk, and approve more homeowners for refinancing or mortgage modification, even if they are having financial or mortgage problems. The lender or bank who approved a homeowner for refinancing or modification will receive yearly bonuses, for up to 5 years, every year a homeowner is able to successfully make their payments on time and in full. This means that all types of struggling homeowners are now getting truly beneficial refinance or home loan modification options.Qualifying for the Government programs is pretty easy to do. Homeowners who have lost a job, or other similar financial problems will most likely be able to use this plan for mortgage refinance or modification themselves. Also, homeowners already in foreclosure or who have missed payments, can get help using this plan. Even homes that have dropped in value can get approved through these Government programs. Millions of homeowners are able to use this stimulus for themselves, and save their homes. Contact your lender or bank today and see how President Obamas “Making Home Affordable” plan can work for you.