March 8, 2011
To help struggling homeowners, President Obama came up with the $75 billion “Making Home Affordable” plan. It offers qualified homeowners a mortgage refinancing option that will save them money, prevent their home from being lost to foreclosure or both.
The stimulus plan was designed for struggling homeowners providing them with new mortgage refinancing options. In the past, homeowners would need to have a job, a good credit rating, home equity and be in a good financial situation in order for them to get a refinancing approval. Now, qualified homeowners can get low interest, no-cost mortgage refinancing.
The stimulus plan provides cash incentives to major mortgage lenders and banks that help struggling homeowners. These incentives allow the lenders and banks to take more risks and help more people get mortgage refinancing. Without these cash incentives, millions of homeowners would fall deeper into debt and possibly into foreclosure.
Homeowners should take action. “There has never been so much help available for homeowners,” said President Obama. If he is right, then the best thing you can do now is to contact a mortgage lender or bank today to see what new home loan refinancing options are offered.
LINKS
- Making Home Affordable Official Government Website: http://www.makinghomeaffordable.gov/pages/default.aspx
- Federal Reserve’s Consumer’s Guide to Mortgage Refinancing: http://www.federalreserve.gov/pubs/refinancings/default.htm
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