The Foreclosure & Stimulus Package - Can the Government Stimulus Package Help You Avoid Foreclosure?

The government initialed the Homeowner Affordability and Stability Plan in February of 2009 to help homeowners avoid foreclosure. The program provides about seventy five billion dollars to help homeowners who are struggling to keep their home. The federal plan is designed to accomplish two goals.

First, it helps homeowners avoid foreclosure immediately as well as in the future, and second, it helps homeowners refinance their mortgages using fixed rates loans, which will lower their monthly payments. Anyone who is having problems meeting their monthly mortgage payments can work with their lender and get the terms of their mortgage changed. The government is offering lenders incentives to restructure the terms of home loans to avoid foreclosure proceedings.

Most lenders jump at the chance to restructure loans; the foreclosure process costs lenders more money, and that's not acceptable in the money lending industry. Homeowners can now structure a deal using the federal stimulus package ... more.

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