Are you perplexed and a little put-off by the government bail-outs for big corporations that have squandered their resources on big bonuses and corporate jets? Obama’s Home Stimulus Plan contains 75 billion dollars in stimulus money to help homeowners in mortgage trouble. Finally, here is a bail-out plan for plain, working folks!

These federal programs apply only to mortgage loans on primary dwellings that are held or backed by Fannie Mae and Freddie Mac. The lenders must also be on a list approved by the Treasury Department.

There are two different types of help available under Obama’s Home Stimulus Plan and each one has a different set of application guidelines:

· Refinance: This option helps homeowners who previously could not refinance an unreasonable and unsuitable mortgage. Economic conditions had created a situation where they actually owed more than the current market value of the home. This option provides refinancing for folks who owe no more than 105% of the value and have not been more than 30 days late on a payment in the last year.

· Home Loan Modification: This option is a totally reworked loan for homeowners who are falling behind in their payments due to financial hardship beyond their control. These loans have to have a current payment that is more than 31% of the borrower’s gross monthly income, have been originally written prior to January 1, 2009, and not have a loan amount over $729,750.

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Thousands of homeowners in our country are facing the prospect of losing their homes. Many of these homeowners will be required to find another place to live, and they will have to live with the black mark on their credit. For them, their lives will forever be changed.

Many of these people have been forced into walking away from their homes because of the increase of interest rates on their loans. While others have been forced into this position because of the cut backs and lay offs by the companies they were employed with. The world’s economy is struggling right now and it will take everything we have to get through it.

If you are one of those thousands of homeowners who are faced with the loss of your home, there are options out there for you. You can prevent the foreclosure from leaving its mark on your credit. You have probably already considered some of them.

Filing for bankruptcy may be one of the option you have considered. It will leave its own nasty mark on your credit. If you have spoken with an attorney, he may or may not agree that bankruptcy is the your best course of action. He will assess your situation and will be in a position to give you advice.

Selling your home is another option you may have considered. Many people want to buy a home, but can’t seem to get the financing they need to get you out of your mortgage. However there are other ways to sell your home. There is the option of selling lease to own, or taking a lesser amount for the home to get the house sold. All of these options will take help from a third party, and you may not know where to turn.

A real estate investor is one of the best sources for help when you are in this dire situation. They have the tools and the know how to get you out from under your loan. They will work with you to find the best solution for you to get your home sold.

You can find several real estate investors on the Internet or by looking in the classified ads of your local newspaper. One of them may even send you a postcard or flyer through the mail letting you know they want to help you to get out of your situation.

Whichever way you choose to go, you will be better off than letting your credit suffer. You will want your credit to stay intact. You will be able to get back on your feet much faster with your credit intact. Good luck in whatever you choose to do.

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More and more individuals are finding themselves nearing foreclosure and want to avoid damaging their credit but honestly cannot afford their monthly mortgage payments. The answer is a short sale. A short sale is an arraignment made between you and lender prior to foreclosure in that the lender will allow you to sell your home for less than the amount you owe on the loan.

Foreclosure has always been a taboo subject as those that lose their home are looked down upon, however, with the economy in the same it is in at this time, banks that certainly did their part by putting families in homes they could not afford, and others being laid off or fired due to the economy, no one should be ashamed if they are facing foreclosure. The answer is to solve your problem so you can hold on to your credit score before you lose everything.

Finding a reputable real estate agent that is willing to negotiate with the lender on your behalf is half the battle. A good real estate agency will research your mortgage loan to determine if a short sale is the best answer in your situation. In cases where the individual has no equity in the home or if more is owed on the home than it is worth, a short sale is the best option.

Negotiations with the lender of course will not be easy as the lender will want all the money that is owed on the home, but with a talented and experienced real estate agent, they will be able to work through the problems so you can walk away with your credit in tact. In some cases, the real estate agent will even be able to convince the lender to pay all sales costs, title fees, and escrow among other fees.

If you are having problems paying your mortgage, there are a few no-no’s you should avoid such as paying your mortgage with your credit cards, borrowing money from family and friends, take money from your retirement fund, receive cash advances from your employer, and seek other loan options to help you pay your mortgage.

The answer to your problem if you live in Florida is Florida Short Sale Services. They offer you several reasons that you should opt for a short sale including no upfront money, no fees, will eliminate your mortgage debt, you can stay in the home while negotiations are done without paying the mortgage payment, all closing costs and other fees are paid by the lender, avoid foreclosure, thus save your credit, avoid bankruptcy, and more.

If you decide a short sale is in your best interest, do not fall prey to scams. Talk with a professional realtor that has worked with others during the short sale process. Never talk with a stranger at your door about your buying your property. Remember, the legal foreclosure papers are public record and there are those out there that will not work in your best interest. Remember to work only with Licensed Realtors.

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For more information please visit: http://www.floridalawattorney.com