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In order to qualify for a home refinance with bad credit, you should get help under President Obama’s stimulus package plan in case of an imminent foreclosure. With this, you could save your home from possible foreclosures which is the toughest hardship faced by the homeowners. The program alsoincludes assistance to help unemployed homeowners keep paying their mortgages.Also, you have several home mortgage refinancing ways available at your disposal which you could settle with different creditors. But the finest alternative would be to get accepted for mortgage refinance loans under the home affordable refinance program (HARP). HARP is a part of President Obama’s popular “Making Home Affordable” plan. Characteristically, the Obama mortgage stimulus package plan is a home foreclosure prevention proposal which is to help stressed homeowners facing foreclosures.

Qualifying for a first or second mortgage refinance loan might not be the only way. The Obama stimulus plan also provides another feasible alternative which is known as the home affordable modification program (HAMP). Under this, lenders are asked to adjust home mortgage loans of borrowers i.e. to make monthly mortgage expenses more reasonable. As a matter of fact, plenty of criticisms were met when the Obama mortgage stimulus plan or “Making Home Affordable” program was presented by the federal government. This was mainly due to its high rejection rate. Due to these criticisms, the Obama administration has totally improved the entire process of granting approvals for HARP mortgage refinance loans or HAMP loan modifications.

New user-friendly set of rules and regulations that are related to the Obama mortgage relief plans are put into implementation that helps homeowners a lot in their entire procedure. Delays that were caused by lender in processing request are now resolved. Some of the modifications that the new rules have ensured are mentioned below.

• Lenders are asked to approve or deny the requests filed by applicants within 30 days of having received such applications.
• Lenders need to give a written confirmation of having received the application, once an applicant files an application.
• Once your HAMP appeal is accepted, you could be put through a 90 day trial loan modification program and afterwards it would automatically get converted into a permanent one.
• If your first application gets denied, you could be provided an alternative to apply once again with another lender.

On the other hand, the process of qualifying for HARP or HAMP is a painstaking. Also, the documentation, which needs to be furnished, is complex. Hence, it could be important for you to consult a knowledgeable lawyer for mortgage refinance help who knows the entire procedure. This could definitely excel your chances of getting an approval for a HARP home mortgage refinance loan or a HAMP loan modification.

At the end, more useful info on your California low rate mortgage refinance loans or loan modifications is available through reputed online service providers like USLoanz.