Foreclosure can be stopped if you act before your home is sold, and not all options out there is for everyone to try out. In case you don’t want to file for bankruptcy but still can’t get enough money to pay upon your loan, here is an alternative. How about you obtain a new loan to stop foreclosure? Have you considered that before?
Not all creditors will offer a second mortgage to homeowners who are having difficulty paying the first mortgage off but if you have good equity on your home, you have a better chance at securing a loan. If you request for a second mortgage on time and provided your property value is still notable, you might be able to get a loan and stop foreclosure in no time.
Refinancing is almost impossible if you’ve defaulted on several mortgage payments which would have affected your credit score. However, if you have kept a good credit score and your home is still of good value, you will be able to secure a loan.
Refinancing to stop foreclosure
Refinancing means to you have obtained a new loan to pay off on your first or current mortgage so as to stop foreclosure, this might require you to pay a delinquent amount as well. Another benefit of refinancing your loan is that you will probably get a lower interest rate and this will ultimately the amount you pay monthly and make it easier for you to keep up.
Taking out a new loan to pay an existing mortgage is not as bad as it has been painted. A home equity loan is an effective way to stop foreclosure for homeowners who do not want to file for bankruptcy. It gives better advantages than filing for bankruptcy such as keeping your credit score in good shape.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.