If you are in danger of losing your home, there still is time to refinance while the house is in foreclosure steps.
If you can refinance your home, you will be able to start off with a clean slate. The loan will start over and you won't be behind payments. As a bonus, sometimes a lower interest rate is available, making the monthly payments less.
Not every situation is a prime candidate for mortgage refinancing. If you find out your situation isn't good for refinancing, there are other steps you can take to stop mortgage foreclosure. Read on to find out what you can do to save your home.
Find out about mortgage refinancing-
If you have 25% equity built up in your home, you are a good candidate to refinance. If you have at least 15% equity, there is still a good chance. Any less, you might find it hard to find a lender willing to take the risk.
Look into Homeowner Affordability and Stability Plan-
HASP's is a special program set in place by President Obama. If you don't have equity built up, you could still be eligible for this government plan. If you are paying over 31% of monthly gross income in housing costs, you may be able to refinance or get other help to save your home.
If you are considering mortgage refinancing, or need professional advice, you can find it at hopenow.com. Each state and situation is different when dealing with mortgage refinancing. It's a good idea to get a professionals advice, based on your specific details.
After taking the above steps, you are ready to talk to a lender about refinancing. Contact more than one lender, get quotes and interest rates. Find the best contract that fits you best.
Tips & Warnings
- If you can't refinance, there are other options such as ,selling your home.Don't give up and let your house be foreclosed on.A councilor can help explore your options
- Never pay for any foreclosure advice
- Don't sign over the deed of your house to any company that says they can save you from foreclosure.It is more than likely a scam.
- Always give mortgage payments directly to your mortgage company, unless previously approved.
- Photo Credit http://www.flickr.com/people/pnwra/
How Can I Stop My Foreclosure?
A foreclosure notice is a scary thing to receive. The idea that you might lose your home in just a few weeks...