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Home > Working From HomeAvoiding Foreclosure by Refinancing Your Home
Posted by nick_niesen in Home on November 8th Herre Nike Air Force 1 Low Jewel Sko Rose Guld Crimson AJ9507-200 Danmark , 2010

Most people think a good way to avoid foreclosure is to start over..refinance the mortgage and just start over.

The problem is most people cannot refinance.

Stopping foreclosure is very difficult. Unfortunately, you will run into all kinds of mortgage brokers and lenders out there who will tell you what you want to hear and waste your time. Time is something you cant afford to waste when you are trying to avoid foreclosure. You only have about 4-8 months after missing your first mortgage payment until you lose your house. The foreclosure process varies by state and lender.

Some mortgage brokers or lenders make money off of you by taking a fee up front. They know for a fact no one can refinance your mortgage buy they tell you for a fee up front they will start working on your loan. Quite a nice business model dont you think? They tell you everything you want to hear when you are trying to avoid foreclosure. They collect a fee because you believe them and they move on to the next unsuspecting person. Not another minute will be spent on you after they get your money.

Who can refinance to avoid foreclosure?

You need equity in your home. Depending on how far you are in the process Herre Nike Air Force 1 Low '07 LV8 4 Sports Sko Sort AT6147-001 Danmark , you need at least 10% to 25% equity in your property. The farther you are in the foreclosure process, the more equity you will need. If you are more than 2 payments behind and you dont have at least 25% equity Herre Nike Air Force 1 Low '07 LV8 4 Sko Hvid AT6147-100 Danmark , it is almost impossible to refinance. Make sure when you are calculating the equity you factor in all the late fees and legal fees.

Speaking of how far along you are in the foreclosure process, that makes a huge difference when refinancing. Once you are more than 90 days late on your mortgage Nike Air Force 1 Upstep Low Jogging Sko Particle Rose Hvid Danmark , everything changes. The rate will dramatically change if you can even refinance at all after that point. That is why it is so important to pick the right mortgage broker or lender because if they are not experienced in these types of loans, they can take too long and you will pass the point of no return.

Some private party lenders may be able to refinance you to avoid foreclosure. These are typically known as hard money lenders. They decide if they will lend you the money personally. There are no underwriting guidelines. It is a case by case basis. These can be very expensive. The rate and fees will probably be so high you wont be able to afford it.

That brings up an important point. Even if you can refinance Herre Nike Air Force 1 Upstep Sko Barely Gr Gum Danmark , what is your new payment going to be? If you are having trouble making the payment now, the payment is guaranteed to be more because you are trying to avoid foreclosure by refinancing. Any loan you get will be expensive.

If you do not have equity in your property do not even consider refinancing your home to avoid foreclosure. I hope this article has helped you and you have learned something about stopping foreclosure. If anything I hope you have realized that very few people can help stop foreclosure. You will end up wasting valuable time and money to find out no one can help you.

Good Luck!

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