How to Refinance a Home Mortgage to Avoid Foreclosure [mortgageprotectiontips.blogspot.com]
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If you are among the thousands of Americans who turned the dark cloud of the recession into the silver lining of becoming self-employed, you may feel you are now in a position to refinance your mortgage or to buy a home. Even with good credit and ... 5 Steps To Qualify For A Mortgage If You're Self-Employed
A growing number of homeowners are feeling the financial pressure of paying their home loan every month. A popular option for homeowners to ease this burden every month is a home mortgage refinance. Refinancing into a new loan with better interest rates, terms or conditions. This can save a homeowner hundreds every month, or possibly their home.
If your credit score has remained relatively good and you still have some financial stability then refinancing can be a great option. Mortgage lenders and banks may be able to offer you a new home loan with better interest rates, which result in a easier to pay monthly mortgage. If you are still in the first half of your home loan than a refinance can definitely make sense. However, homeowners who are near the end of their mortgage may benefit more from finding alternatives to refinancing.
Be sure to research potential mortgage lenders and banks and ask the important questions.
Start with the simple details of your current home loan. See what interest rates you pay, and how much remains in principal. These are important factors in deciding if a home refinance is the right thing to do. If though you desire some cash back from your homes equity, then a refinance is the way to go.There are a lot of homeowners who face much more immediate financial troubles and making home loan payments are getting harder to do, with no financial relief in sight. In this situation, you are much more likely to be able to renegotiate your existing home loan. To do this you typically are adding more years to your current loan and in doing so reducing the monthly amount due. Sometimes in addition to extended loan options, you will have the chance to obtain a lower interest rate as well which will also help in getting the monthly mortgage payment lowered.
This will allow you to save a lot of money every month and possibly save your home from foreclosure.Right now the housing market is in bad shape, and the would only worsen should homeowners start defaulting on their mortgages and losing their homes. It is in everyone's best interest, banks and mortgage lenders included, to make every effort possible to keep people in their current homes. As usual the best deals are going to be available to those with the best credit and debt to income ratios. Simply renegotiating a mortgage may not be a good long term decision, but it could save your home from foreclosure. Should your financial outlook get better, and cash flow improves, you can then better handle and solve the situation.
If you have gotten a foreclosure notice, or missed a few payments, or can not make your mortgage payments do not be to discouraged. There are actions, including home refinancing, you can take to save your home and you might not be in as bad of shape as you think.
Related How to Refinance a Home Mortgage to Avoid Foreclosure IssuesQuestion by that username: How to refinance a home mortgage with negative equity? I really need good options on how to refinance a home mortgage with negative equity. Currently my mortgage wont allow me a refinance. Any options on what i could do? Best answer for How to refinance a home mortgage with negative equity?:
Answer by Common Sense
Sorry, there are no options. None.
Answer by someone
You bring Thousands and cash to the table
Answer by Dea Y
Negative Equity is a fancy term for "you owe more then you're worth" good luck getting a mortgage when it's already not worth enough to cover your mortgage
Answer by Francine Nolen
If you have a home with negative equity (when the value of the home is less than the mortgage owed on the property), you'll have a tough time using traditional refinance channels. In fact, there are only a few options available to borrowers when faced with an overwhelming mortgage payment and no equity to use to refinance. How to Refinance a House With Negative Equity 1 Confirm that your property is indeed "underwater" (no equity or negative equity). A private appraisal will cost between $ 150 and $ 300, but you can use the source listed in resources to find an approximate value of your home. If you do have equity, chances are you'll qualify for a traditional refinance--an option that will give you greater flexibility when negotiating the terms and refinance rate of the loan. 2 Determine your eligibility for an FHA Streamline Loan. These loan products are only granted to mortgages that were financed through FHA- (Federal Housing Administration) approved lenders. Minimal qualifications for refinancing through the program include: the existing mortgage has to be up to date (not late); the borrower cannot take any new cash from the refinance loan; and the purpose of the loan must be to strictly reduce principal and interest payments. 3 Find an FHA-approved mortgage lender to process the new loan. Even though the FHA Streamline process may allow for negative equity loans, these are typically considered rescue or emergency loans, and a lender may turn down an application for financing due to the high risk involved. Cast a wide net when considering lenders for your refinance and be prepared to face rejection from many mortgage companies. The best way to improve your chances in a negative equity situation is to keep your credit strong, have a well-documented history of on-time mortgage payments, and have other assets to use as collateral. 4 Contact your original mortgage lender if the FHA process does not work. Many lenders have "bailout" programs that are specific to the particular lender. Often these programs are designed to help borrowers avoid foreclosure, get back on their feet, and get back to the making the standard mortgage payment down the road. These programs will help you get out of a negative equity situation.
Answer by Clopton Capital
Financing negative equity is almost unheard of anymore. If you are in dire straits it might be necessary to acquire an interest-only bridge loan to carry you.
