In the 2009 Stimulus Plan, Obama has found several ways to help stimulate the economy through homeowners. The $75 billion Plan includes help for homeowners to avoid bankruptcy and foreclosure through a $1,000 incentive for lenders to modify loans in order to assist homeowners.

It is up to you to determine what grants, loans and tax credits you qualify for. Lenders are not always willing to help you in this regard so make sure you prepare well ahead by doing the proper research.

If you have personal debt, depending on its amount, you may receive a personal loan to help lower your debt. This will allow you to have more income to put towards your mortgage.

If your current mortgage value is 105% more than the cost of your current primary home then you are waved from requirement of having at least 20% home equity in order to refinance your mortgage.

Loan modifications are available if your loan is through either Freddie Mac or Fannie Mae.

The current interest rate is 5.16% a drop from the previous rate of 6.5%. Under the Plan you may renegotiate your loan to include the new reduced rate.

If you do not have debts totaling 55% of your gross income, your new mortgage payments will not exceed 31% of your gross monthly income.

The Housing and Urban Development department is offering free financial advice. They are a resource where you can determine what options are best for you. If you require, they may even have representatives to speak with your lender.