Bank of Americas New Mortgage Refinance Stimulus Options

Bank of Americas New Mortgage Refinance Stimulus Options

Mortgage refinancing with Bank of America is easier than ever. This is because of the housing market conditions, and new mortgage bailout programs. Millions of people can get a mortgage refinancing or modification with Bank of America thanks to over $ 75 billion in Government stimulus money. Here is how is works.

Homeowners are in trouble. Foreclosures and loan defaults are currently at all time highs. In an effort to reduce this number, and ease the burden on lenders and banks, President Obama announced his “Making Home Affordable” plan. This plan is being offered through Bank of America and other lenders and banks to homeowners in all sorts of financial situations. The stimulus program gives cash incentives to BoA and others every time they follow the programs rules, and offer refinancing or mortgage modification help to a homeowner. That is why finding help is easier than ever before, regardless of your problem.

There are many reasons that mortgage lenders and banks would rather help you than let you lose your home. One of them is because the housing market is in bad shape. If they take on your foreclosure, they risk actually taking a loss in this dropping market. However, if they are able to meet Obamas guidelines they will receive cash incentives, and still profit on your loan. This would be the best case scenario for lenders and homeowners.

Some of the rules lenders and banks must follow for the stimulus plan include:

-Low and affordable monthly mortgage payments for homeowners.

-Mortgage rates that are as low as 2%.

-The ability to refinance or modify a home loan even if you owe up to 25% more than the homes actual market value.

-New bad credit mortgage refinance options and choices for all homeowners.

This stimulus will help millions of people. Never before has such an extensive plan been enacted to help homeowners. Bank of America mortgage refinance is easier, better, and available to nearly everyone. Do not let your situation get worse. Take action now.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry. For more articles on Mortgage Refinance check out my website

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