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Foreclosure! Ten Ways to Save Your Home
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Foreclosure Tips |
Foreclosure Warnings
Restructure Your Mortgage
Home loan restructuring can take many forms including
loan
modification, debt consolidation or refinancing, but generally involves
extending the term of the loan so you have longer to pay (and thus make lower
monthly payments), spreading delinquent payments over several years, and/or
lowering the interest rate and/or principal on the loan.
Under new government rules for FHA and the "Making Home
Affordable" plan, you may qualify for benefits including lower interest rates,
extended terms, lower closing costs and even thousands of dollars in government
rebates - but don't hold your breath waiting for your current lender to tell
you.
If you would like to learn if
you qualify for a government bailout loan from Fannie or Freddie,
a leading debt
management firm provides a
free service to help you
quickly determine if you are eligible
. You may save hundreds of
dollars per month off your current mortgage.
Restructuring or loan modification
is different from simply recasting the loan which your current lender may be
offering you. Recasting is a good temporary fix but if your financial
situation has permanently changed, temporary measures like recasting may not
do you much good. A properly negotiated loan modification or refinance is a
permanent solution that allows you to stay in your home with a newly
restructured mortgage you can afford.
Loan restructuring may allow
you to
stop
foreclosure fast, modify or refinance your loan; eliminate your back
payments and save your home.
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