Some homeowners might have heard of a way to stop foreclosure and refinance their mortgage. This method is just one of many that can be pursued when you are about to lose your home. Part of the reason that refinancing works is that it allows you to negotiate one-on-one with your lender. You can work out the payment arrangements and find the solution that will help you stay in your home. Not every person that applies for refinancing is approved. The ability to refinance is not a right but a privilege. An evaluation of your personal circumstances will help you understand whether or not you can stop foreclosure and refinance your home.
Stop Foreclosure and Refinance
A refinance to your mortgage will lower your annual or adjustable mortgage rate. This could end up saving you thousands each year although most lenders do not want to do it. Each institution could have different criteria for determining if you qualify for a refinance. If you are more than two payments behind, it is unlikely that you would be granted approval for a refinance. It is common for banks and lenders to use outside consultants and assign one of these so-called professionals to review any modification request to your mortgage. All of the financial information that you have must be submitted for review. Your annual income, expenses, child support payments and all other inflows and outflows will be closely scrutinized.
One thing that is always reviewed is your credit rating. If you had good credit in the past, you could be in a better position to negotiate your refinance. If you have achieved poor credit status and you are behind in payments, few lenders would be willing to work out an arrangement with you. There are government programs like the Harp 2.0 program that you might be eligible to use. One problem with this route is the fact that the approval process can take many months to complete. If you are close to losing your home, these programs would likely be unsuccessful routes for you to pursue. You can stop foreclosure if you have a professional that knows how to stand up and fight for you. A negotiation can take place between someone representing you instead of you representing yourself.
“Stop Foreclosure and Refinance”
Avoid Foreclosure experts understand the refinancing procedures and know the qualifications that are used. Facing a foreclosure and imminent auction is more than stressful. With options and time running out, there are few people or companies that are willing to take you aside and work hard for you. Our experts help homeowners that are struggling right now. The help that we can provide to you can be your way out of foreclosure for good. Not being able to pay your mortgage is something that a lot of homeowners understand but few successfully turn it around without help. Let us help right now. Call us at 1-800-589-4106. Our help is completely free of charge and we can help you stop foreclosure and refinance.