How to Refinance to Stop Foreclosure

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How to Stop Foreclosure Without Going Bankrupt....5

Before a foreclosure process starts, read a mortgage closely to find out a specific financial position. Restructure mortgage payments or come up with a payment plan with help from a certified family mediator in this free video on bankruptcy and foreclosure.

Part of the Video Series: Bankruptcy & Foreclosure
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Video Transcript

You may have recently suffered a downturn in your job, whether it was a decrease in your pay, or you've actually been laid off, and now you're concerned about not making your mortgage payments. Perhaps you've fallen behind on your mortgage payments, and you don't know what to do. There's talk of foreclosure. Hello, I am Robert Todd, and I'm here to answer the question how to refinance to stop foreclosure. One of the first things you may want to consider is reading your mortgage to see how far behind you can get before the foreclosure process starts. Then, take a an inventory of your financial position, and determine how you could restructure payments, or come up with a payment plan to make those payments that you missed. And then, consider contacting the lender to talk about either making a repayment plan, or in some instances, refinancing. Remember, they don't have to refinance, but they can, and also remember that the lender does not want to spend the time and the money which involves attorneys fees and costs of foreclosing, so if there's a possible repayment plan or refinance plan in many instances this can be a viable option. I'm Robert Todd, and thank you for watching.

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