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Foreclosure! Ten Ways to Save Your Home
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Foreclosure Tips |
Foreclosure Warnings
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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,
LowerMyBills.com, 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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Foreclosure Tips |
Foreclosure Warnings |
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