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Do You Need To Refinance With A Foreclosure On Your Record?
If you do not pay your mortgage for a certain
number of months, your mortgage company will most likely foreclose
on you. You will probably be evicted from your home and lose
your rights to the property. All across our nation today,
this is happening to many folks. Foreclosures
become part of your credit history.
It can have a very negative affect on your future
attempts to get credit. It is recommended to have enough in
savings to cover six months of mortgage payments, just in case of
unexpected events, like job loss, death, divorce and more.
It can be tough in today's economy to stay on
top of everything. To
refinance with foreclosure is a very real fear, says
LoanSafe.org. If you are approaching a possible
foreclosure and want to refinance, Peak Home Loans can help.
note that Peak Home Loans are experts at getting our clients
the hassle-free, low cost, easy approval on loans with prior
foreclosures. Another thing to remember, most people have better credit than they think,
at least Far Credit, keep this in mind while filling out our online form.
When contacted by us, kindly ask our loan professional any
question you may have. They will be more than happy to
assist you obtaining a mortgage or refinance after a
foreclosure. Remember, all loans do not fit all people; if you need a mortgage loan, we'll find the right one for you.
There are things to do if you are having a hard
time paying your mortgage:
- Apply Online Now with Peak Home Loans.
- Get a hold of a lawyer. This is a must and cannot be emphasized
- Call your mortgage company. See if they will help you.
If they will not, we may be able to help.
There are still further options,
alternatives to foreclosure,
and our professionals will talk to you about them.
Here are a few.
- Try to sell your home. Of course you want to keep your home,
but you may be better off selling than losing everything. Not
all realtors will agree to selling a home in foreclosure, or lis pendens.
So, you will need to find one that will.
- A short sale. If you owe more than your home is worth, you
may negotiate a sale at a price lower than what you owe. You
will need your lender's approval for this.
- Ask your lender for a deed in lieu of foreclosure. This
will hasten the process, but you may be able to pocket some cash if
you negotiate well.
- Forbearance. We may be able to help you get a forbearance
period with your mortgage company. During this time, you will
be able to make payments in a smaller amount, or not at all.
To get this though, mortgage companies usually want proof that there
is some financial windfall in your future, such as a bonus, that will
help you get the mortgage up to date at or before the end of the agreed
upon period of time.
- Pay the total amount you are behind in your mortgage at one time,
or a reinstatement.
- If you use a repayment plan, you agree to pay more than your regular
payment over a period of time until you are all caught up. You
essentially pay back the delinquent period over the length of the
- Change your loan type, or a loan modification. This is an
agreement, in writing, between you and your lender that permanently
changes your loan agreement. You can add missing payments, take
your adjustable rate and convert it into a fixed rate, or agree to
pay your mortgage payments over a longer period of time.
- Emergency home owners' Loan Program (HELP).
Click here to visit their page.
- Mortgage walk-away. This is another option for those who
are underwater (owe more than your home is worth.)
We all know that home values have declined over
the past several years. So, refinancing, even with a foreclosure
on your record, may be an option. Many lenders offer programs
to borrowers that need help because they are facing foreclosure.
But, before doing anything, you need to take a look at your overall
finances. If all else fails, make sure you prepare for an upcoming
foreclosure and get together documentation regarding your income and
assets. You never know what will happen, and what you will need,
and when you will need them.
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