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Do You Need To Refinance With A Foreclosure On Your Record?
If you don't 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 Freddie Mac. If you are approaching a possible foreclosure and want to refinance, Peak Home Loans can help. Please 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 don't 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 enough.
- 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 period.
- 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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