The economy is unstable, at best. The housing market is following suit, with housing prices dropping and foreclosures at an all-time high. If you own a home, you have probably seen the equity in your home drop as the current market value of the home dropped. You no longer have the traditional 20% equity necessary to qualify for a conventional refinance. Obama's Home Refinance Stimulus Package provides assistance to people just like you.

If you are current on your house payment and have not been more than 60 days late during the last year, you might qualify for a refinancing under this plan. The home must be your primary residence. You will be able to retain equity in your home, as this program just lowers the interest rate but leaves the principal as is. You can owe up to 105% of the current market value of the home.

If you are already in arrears on your mortgage payment, this is not an option for you. There are loan modifications available through the stimulus package that may provide an alternative to foreclosure for you. These consist of completely reworking existing loans to achieve a lower monthly payment. These loan modifications have different guidelines than the refinance packages, but they will help millions of homeowners avoid foreclosure.

Obtaining a refinanced loan through Obama's Home Refinance Stimulus Package lets you navigate around the equity problem and refinance a mortgage that could stand some tweaking. This will immediately lighten your financial load, and it will help you prevent the threat of foreclosure in the future. The deadline for application for these refinance packages is June 10, 2010; don't delay. Found out the guidelines and benefits immediately.