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Refinance mortgage loan is a unique refinancing program made available to the homeowners who are not having worthy credit situation, and it seems to be simply impossible for them to go for the financial recovery immediately. The mortgage refinancing program has been efficiently designed for helping around 9,000,000 American homeowners who have not been able to pay their home mortgage payments, either because they have lost their job or because there’s some problem with their financial situation. Under the federal loan refinancing and modification program, the lender will receive $1,500 payment for every qualified homeowner. The homeowner, who’s the borrower, will receive $1,000 annually for remaining current amount on the mortgage refinancing. The federal government will share the loan modification cost. As one of the pre-condition to the federal government’s Refinance & Loan Modification program, the home owner must have his/her primary residence. The mortgage on the home must have originated before Jan 1, 2009.

Get ready to avail home refinance with bad credit through the federal loan modification program. The program has been deigned for those homeowners who are falling short of the mortgage payments every month due to financial troubles. The federal loan modification program is not a refinancing program, but it is a kind of loan adjustment where the home owner is given the benefit to make his/her monthly home loan payments easy and flexible. Make sure that you have finances available in order to make the payments as decided under the loan modification process. It’d be good and beneficial for you as you’d save money.

Mortgage Refinance company in California has already helped many poor credit homeowners to come out of the debts. The homeowners are living a life free of financial worries. Make sure that you provide ample proof to the servicer that you have sufficient income to pay for the new mortgage.