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If you have lost your job or are working less hours as mandated by your company in order to save costs, you are more than likely feeling the financial pinch. So many businesses have closed or laid off thousands, while the people left working have more than their fair-share of duties. Amidst all of the chaos, the housing market has also taken a nose-dive, leaving homeowners like you to wonder whether or not your house has any value left, or if you can even afford to pay your monthly payments. President Barack Obama has seen the need for homeowners to receive help, and has answered by instituting a new Federal Stimulus Plan known as Home Affordable.Under the Home Affordable Refinance Plan, you can be able to refinance your home at a lower rate while keeping your equity intact. However, you must be current on your payments and live in the home as your primary residence to qualify. Your principle will continue to be the same, changing only the interest rate. But you must act quickly, before the June 10, 2010 deadline to start the application process.With the Home affordable Modification Plan, you can achieve lower monthly payments if your loan is currently in default. While the home must still be your primary residence, your monthly housing expenses must be no less than 31% of your monthly gross income, so that you are able to take advantage of a lowered payment that is up to 31% of that gross income. Just think of what a savings that would mean for you! It is understood that sometimes large medical bills and emergencies can cause a homeowner to quickly go into debt. Therefore the Stimulus package enables you to work with your lender to create a modified loan that can provide you with the way to eliminate your debt. Did you know that the Treasury Department can provide you with up to $5,000 to be used toward the principle on your payments over the span of 5 years? Keep in mind the deadline for applying for this program is through December 31, 2012.You owe it to yourself and your family to gain control of your finances again, so that you can still keep your home. So check into the many options available to you, until you can find something that will enable you to avoid foreclosure or bankruptcy before it is too late.
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Source by Joe Emery