Prevent Foreclosures » Refinance Foreclosure

Refinancing

admin — Tue, 04 Jan 2011 15:54:04 +0000

In certain circumstances and for some homeowners, refinancing is a great idea to prevent foreclosure. Refinancing replaces your existing mortgage with a completely new one. There are many benefits to refinancing other than preventing and avoiding foreclosure. Refinancing could put you in a better financial position, especially if:

You’ve kept up with current mortgage payments, but would like to lower your mortgage interest rate
You have an adjustable rate mortgage with payments that could increase in the near future
You have equity built up in your home (Even if you have little or no equity, you may still be able to refinance through Home Affordable Refinance Program.)

Home Affordable Refinance Program & Refinancing

Many homeowners don’t have enough equity to qualify for traditional refinance options. The federal government created the Home Affordable Refinance Program to give these homeowners an opportunity to refinance.
You may be eligible for the program if:

You have kept up with your mortgage payments
Your loan is owned or guaranteed by either Fannie Mae or Freddie Mac
Your first mortgage amount is no more than 105% of the home’s current value

Refinancing is a post from: Prevent Foreclosures

Refinance to Avoid Foreclosure

admin — Sun, 14 Nov 2010 17:37:31 +0000

Question: With all the help available to prevent foreclosure, how can I take advantage?

My mortgage rate is fixed and I have no trouble making my payment but is there something I can take advantage of to make my mortgage terms even better.

Answer: Probably not unless you start missing payments or are heading towards a financial hardship. The best you might be able to do now with your current loan is call the bank and ask them what programs they could offer if you were expecting to start missing payments.

But anything they do to "help" you would probably do more to help the bank later on. If you can put off making some payments now, you might just end up having to pay back more later on as interest accrues.

There's very little chance they will modify the terms of the loan to make it more affordable for you. If you're on top of the payments, then they aren't in danger of losing money on the loan right now.

If you want a lower rate, you might be better off trying to get a refinance. That would help your credit, as well, by paying off one large mortgage loan with no late payments. But trying to work with your current lender just to get a lower rate or payments might result in unintended consequences that cost you more down the road.

Hope that helps. Good luck.

Refinance to Avoid Foreclosure is a post from: Prevent Foreclosures

Foreclosure Refinance Loans

admin — Sat, 23 Oct 2010 17:14:02 +0000

Question: Is there a foreclosure refinance loan company out there anywhere that refinances under 500 credit score to stop foreclosure?

I am in need of refinancing our home. We are currently almost 2 months behind on our mortgages. We stopped the foreclosure in October but are headed that way again if we don't find a way to refinance. When we stopped the foreclosure in October we thought it was paying for Novembers payment too but it wasn't so we were behind a month again right off the bat. We have a first and second mortgage we want to consolidate them. We also have an adjustable rate mortgage that is killing our finances. We filed bankruptcy almost 7 years ago. This is my dream home and don't plan on leaving it until I go in a box in the ground. If anyone knows anything that would help I would be very grateful.

Answer: Yes, there are people who do that, but your rate will be 14% or way more.

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Foreclosure Refinance

admin — Fri, 22 Oct 2010 00:03:17 +0000

Question about foreclosure refinance. Is a refinance while in foreclosure possible?

my boyfriend's home is currently in foreclosure and he is about six months behind on the mortgage payments ($6k). he's tried to get a loan modification program with his lender, but he says they're a real pain to deal with. He has about $20k equity in the house - any chance he could refinance and use the equity to cover what he owes?

Answer: Your boyfriend's best option is to stick to the loan modification, no matter how much of a pain it is and how difficult it will be in dealing with his lender. Foreclosure refinancing is pretty much out of the question, even with your existing lender, because of the 6 missed payments. It doesn't matter if your boyfriend has equity in the property, the lender will still consider him for a modification if he has a legitimate financial hardship i.e.

loss of job,
reduced income,
illness,
unexpected medical expenses, etc.

I understand that lenders are difficult to deal with but it's better than the alternative..... foreclosure! Your lender may even offer a TEMPORARY solution, a forbearance plan, but insist on the loan modification. If they will only offer the forbearance, make sure the repayment period is spread out as long as possible and/or that the payments are LESS than what he's paying now and not MORE, i.e their catch up plan, where they add the past due amount owed into his existing monthly payments making his obligation more on a monthly basis.

Or see if they'll add the past due amount into the balance of his loan, bringing him current, and continuing to make the same payment (or less, if possible by re-amortizing the loan out over a longer period). Another option is to consider renting out a room, depending on how big the property is. Good Luck!

Foreclosure Refinance is a post from: Prevent Foreclosures

Finding a Lender to Refinance Out of Foreclosure

admin — Thu, 17 Sep 2009 02:23:38 +0000

When you are in foreclosure, you need to expect fewer lenders to want to work with you. That is normal but you should not be discouraged. You might have to convince a lender to work with you and you might have to put up with lenders refusing to discuss any loans with you but many homeowners in foreclosure just kept calling lenders and talking to reputable real estate agents and eventually they found lenders that were willing to assist them. You can also get advice from experts such as HUD counselors. Even if you keep getting rejected by lenders, you should still keep trying because you never know when you will come across one that will accept you.

Lenders to consider

Commercial banks
Savings banks
Mortgage companies
Credit unions
Life insurance companies
Stock brokerage houses
Hard money lenders
Individuals

Each lender that you talk to will have different loans and different interest rates to offer. You need to inspect all the details of the loans they are offering and compare them against each other. You need to shop around. Do not think that you need to take any loan that comes your way just because you are in foreclosure and you do not have a choice. Do shop around and do compare all the loans on the table. Now that the interest rates are low, you may be able to find better loans and better interest rates.

Shop around!

It is important that you shop around. Do not sign anything until you have been on your computer a long time looking around and shopping for the best loans and the best rates. We have introduced many books on refinancing and loan modification so you should be familiar with what are out there. Knowledge is key and do not be pressured into getting a loan that might not be the best for your situation.

Talk to a reputable Realtor

If you are in foreclosure, do not be afraid to ask a Real estate agent for help. A Realtor can be a great resource for you even if you do not buy or sell with him or her. A Realtor is often very helpful and has lots of contact and connections. He/she can give you the names of banks, mortgage brokers, and other institutions that give great loans for people in similar situations to you. A Realtor can advice you on what you can do and what your options are.

If you are ready to talk to a Realtor about your situation, use the free service below to find one.

Save on REALTOR® Fees. Let listing agents compete for your business!

Finding a Lender to Refinance Out of Foreclosure is a post from: Prevent Foreclosures

So You Want to Refinance

admin — Fri, 11 Sep 2009 00:32:25 +0000

So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

There are many homeowners with horrible mortgages and they want to refinance. By refinancing, they could lower their monthly payments. Many have refinanced and reduced their mortgage payments by half which help them afford the payments and prevent foreclosure. The problem is that, there are people who fall for bad deals again even when they are refinancing. So, there are lots of things you need to know before you refinance and the more you know, the more prepared you are at choosing the right loan for yourself. Don't let the mortgage company recommend a loan to you without you verifying that it is a good loan. Too many homeowners do not verify and end up with loans that will come back to haunt them later on.

Are you paying more than you need to?

In this book a mortgage lending insider reveals her answer to this question - and more - in her best selling So You Want to Refinance. If you are baffled by the dizzying array of mortgage companies, sales pitches, and loan products, this book is for you.

The book walks you through each step of the loan process in easy-to-understand language to help you make an informed decision that's good for YOU-not for your loan officer. The book explains how to asses and rebuild your credit score, accurately calculate the equity in your home, and how to make sure that you present your situation in the best possible light. More than just an introduction to getting a home loan - this book will show you how to get the best deal possible. This book is a must-have for any current or potential homeowner thinking of refinancing.

Key topics include:

-Refinancing Adjustable Rate Mortgages (ARMS)
-Understanding Broker Incentives
-Getting the Best Appraisal -Processing and Underwriting
-Cleaning up your Credit Report
-Signing Tips, Tricks, and Negotiation Strategies

From the Publisher

"A must-have for any home owner looking to refinance" -
Terri Williams, Homeowner

Buy So You Want to Refinance: An Insiders Guide to Refinancing Adjustable Rate Mortgages and Home Loans

So You Want to Refinance is a post from: Prevent Foreclosures

All About Mortgages

admin — Fri, 28 Aug 2009 18:27:03 +0000

All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today's Economy

There are so many types of mortgages and a lot of people find out the hard way which mortgages are not right for them. The good news is, for many homeowners, there is still time to make things right. You can refinance or modify your loan and avoid foreclosure if you are finding it hard to keep paying the current mortgage payments. But, even refinancing or loan modification can be tricky. You absolutely must find out all your options and make sure you what the consequences of getting each type or mortgage are. After all, you cannot afford to make another mistake. This book called All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today's Economy gives you insights into mortgages for anyone wanting to refinance, modify their mortgage loans or just wanting to understand what are out there. If you want to find a realtor to help you or to give you more information, here is a free service that can help you find your realtor.

Find and compare top, affordable listing agents

Due to new hybrid loans abounding and interest rates increasing from bargain basement levels, millions of consumers who are either seeking a new mortgage or are interested in refinancing their existing mortgages are clamoring for an updated easy-to-follow guide to take them through the complex world of mortgages.

In All About Mortgages, 4th Edition, author Julie Garton-Good, the sole three-time recipient of the prestigious international “Real Estate Educator of the Year” award from the Real Estate Educators’ Association, provides a road map for consumers through the harrowing twists and turns of obtaining a home mortgage. Garton-Good will help consumers select the right mortgage for their needs, giving them the keys to save thousands of dollars. Approximately 25% of this new edition is updated, including new information on hybrid loans, foreclosure alternatives, and more. Now more than ever, it’s essential for consumers to be well informed about their mortgage options.

About the Author
Julie Garton-Good is the author of six real estate books and has penned a syndicated newspaper column weekly for nearly two decades. She is the only woman listed twice on the National Association of REALTORS® “Twenty-five Most Influential People” list and has made appearances on CNBC, Lifetime Network, and numerous other public television and radio shows.

Buy All About Mortgages: Insider Tips to Finance or Refinance Your Home in Today's Economy

All About Mortgages is a post from: Prevent Foreclosures

The Foreclosure Survival Guide

admin — Fri, 31 Jul 2009 14:33:17 +0000

As we have already mentioned in many posts that there are many options that are available to homeowners who are facing foreclosure. However, you have to act fast. The faster you try to get help, the better your chances of getting out of foreclosure are. One of the biggest problem is that most homeowners in foreclosure are in denial about their situations until it is too late. Many homeowners do not tell anyone, do not ask for any help and just ignore the bank during the foreclosure process. Finally, a day or a week before the foreclosure auction, they speak up and ask for help. By that time, they only have very few options available to them, if any. This book called The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket will help you understand what you need to do if you are going to stop the bank from taking away your home.

"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial.

Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." (Publishers Weekly )

Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.

Description

Facing foreclosure? Know your options!

According to Harvard's Joint Center for Housing Studies, "the number of homeowners paying more than half their income on housing rocketed from 6.5 million in 2001 to 8.8 million in 2006... The number of homes entering foreclosure nearly doubled to 1.3 million in 2007 from about 660,000 in 2005."

If you're having trouble making your mortgage payments or are already in jeopardyof foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.

An essential tool for anyone at risk of foreclosure, The Foreclosure Survival Guide provides key information about:

mortgages, including adjustable rate mortgages (ARMs)
short sales
deeds in lieu of foreclosure
judicial and non-judicial foreclosure
credit counseling
liens, and
using bankruptcy to deal with foreclosure.

The Foreclosure Survival Guide gathers all the information Attorney Stephen R. Elias has used to help hundreds of clients over 30 years of practicing law and shows you how to deal with foreclosure.

Like many hardworking people facing foreclosure in this rough economy, you deserve answers to your pressing questions. Thorough and easy to understand, The Foreclosure Survival Guide can help you stay in your home or walk away with money in your pocket.

The 2nd edition is updated with the latest federal legislation and bank-implemented foreclosure-delay programs which offer homeowners even more ways to keep their homes.

Buy The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

The Foreclosure Survival Guide is a post from: Prevent Foreclosures

How to Prevent Foreclosure?

admin — Wed, 15 Jul 2009 04:23:20 +0000

This section of How to Prevent Foreclosure continues from the How to avoid foreclosure section. There are many ways to prevent foreclosure. We have discussed some options to prevent foreclosure, we will discuss more ways to prevent home foreclosure. You can take the steps below to help prevent foreclosure.

Options to prevent foreclosure

Besides catching up with payments, selling your home, letting someone else take over the payments, and renting your home to raise cash to catch up on your loan payments, there are other options to prevent foreclosure below. Alternatively, you can get a loan to prevent foreclosure. There are mortgages to prevent foreclosure especially.

Deed in lieu of foreclosure can prevent foreclosure

When you are facing foreclosure, a way to prevent foreclosure is to give it back to the bank. With deed in lieu of foreclosure, you give the lender back the deed to the house, saving them the cost and time that the foreclosure process would take.

You can refinance your home to prevent foreclosure

If you have equity in your home, you may be able to refinance your mortgage, paying off the lender that put you in foreclosure. But, most people in foreclosure have already looked into this option to prevent foreclosure and it is not viable.

Do a short sale to prevent foreclosure

Short sale is becoming very popular as a way to prevent foreclosure. With the right foreclosure and short sale specialist, you stand a good chance that the bank will do a short sale, therefore preventing your foreclosure. See short sale section.

Work it out with the lender to prevent foreclosure

Depending on the lender, you may be able to work out a payment plan with the lender and avoid foreclosure. You may even get lower payments, interest rates or skipped payments.

Filing bankruptcy to prevent foreclosure

Although filing bankruptcy can stall foreclosure, it will likely not prevent foreclosure in the end. When you file for bankruptcy, you may be able to live in your home for a while longer and the foreclosure process may be halted. But, your situation will not have changed or improved and the lender will fight to resume the foreclosure process. So, in a way, this would not prevent foreclosure and may even make the situation worse.

Free Consultation

You can find out from experts what your options are when it comes to stopping or preventing foreclosure, here is a link to a free consultation.

Prevent Foreclosure Today - Immediate Prevention. Most homes can be saved. Fast & Free Advice

How to Prevent Foreclosure? is a post from: Prevent Foreclosures

How to Avoid Foreclosure

admin — Wed, 15 Jul 2009 04:20:16 +0000

Knowing how to avoid foreclosure can help ensure that you will never face foreclosure. How to avoid foreclosure strategies depend on how much you owe vs fair market value as well as other factors such as how far long in the foreclosure process you are in addition to what other liens there are against your real estate property.

How to avoid foreclosure 101

Below are different ways to help you prevent and avoid foreclosure.

Catch up on your payments

Even if you have received the notice of default and is already in the foreclosure process, you can still avoid foreclosure by catching up on your payments (mortgage payment, tax payments, etc). You may also need to pay fees associated with the foreclosure process to avoid foreclosure. But, unfortunately, for most people, catching up on payments is not an option to avoid foreclosure.

Sell your home to avoid foreclosure

Selling your home is a way to avoid foreclosure. If the real estate market is strong, you may be able to sell at a higher value than the amount you owe the mortgage company and pay off the loan. You will avoid foreclosure by paying off the loan. However if the real estate market is slow or weak, see short sale.

Let someone else take over your mortgage payments to avoid foreclosure

There are many real estate investors who are trained to profit by taking over mortgage payments of people in foreclosure. This may be a way for you to avoid foreclosure.

Rent your property to avoid foreclosure

Renting is a way of making fast money, providing your house is somewhere attractive to tenants. You may be able to obtain fast cash to catch up on your payments, therefore avoiding foreclosure.

Free Avoid Foreclosure Consultation

If you want more information about what you can do and learn all about your options, here is a link to a free consultation.

Prevent Foreclosure Today - Immediate Prevention. Most homes can be saved. Fast & Free Advice

How to Avoid Foreclosure is a post from: Prevent Foreclosures