In order to help and save people from foreclosure, the administration of President Obama has signed a home refinance stimulus package with a fund of $75 billion. This package has two major options, one of mortgage refinance and the other of loan modification. Mortgage refinance is in fact for those people who have acquired home finance loan from either Fannie Mae or Freddie Mac that are two leading home financing companies. If you are associated with any of these two companies, you can get the refinance stimulus package easily and the monthly installment payment can be relaxed up to some extent. The only requirement here is that you must be living in that house and the house is your primary address.The other one included in home refinance stimulus package is the loan modification one which is open for all. Government has provided many banks and lenders with incentives and their main aim is to help worried homeowners stay away from foreclosure. But before applying for a loan modification plan you must make some beforehand preparations. This is important so that your loan gets passed easily and quickly. There are many professional that are there to help you fill up the form in acceptable manner and help you submit the exact documents so that your loan gets approved without difficulty.You can take the help of search engine and you will find numerous websites that are ready to help you getting this loan. But here you must be careful and conscious so that you choose the right one. If your loan is approved under this package, you can get a period of up to 40 years and the rate of interest as low as 2% for your repayment. There are some house owners that are even provided with debt forgiveness or are granted with late fee submission too. So the most important thing is that you provide significant documents and correct information.While filling up the form you must provide with accurate information and you must have a copy of it ready at hand so that when you get a call from the refinance office, you don’t get confused or hesitate while giving away your information. You must be confident and since this is your right you must have it. The banks and the lenders have to do their duty and provide loans to only those who are really needy and want to avoid foreclosure in order to save their homes.
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