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Foreclosure! Ten Ways to Save Your Home
Refinancing Your Mortgage
Finding a new lender to refinance your home is often the best and fastest solution to save your home, particularly if you have an adjustable rate mortgage that now carries a high interest rate that has become difficult to manage. If you can reduce your interest rate or take on a different type of mortgage you will be able to lower your payments to a manageable level. You may be surprised at how easy it is.
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Since the collapse of the sub-prime market, competition is fierce among lenders wanting to refinance your home. For example, several lenders now offer no closing cost refinance loans and LendingTree even goes so far as to guarantee they will arrange for a lender to meet or beat any interest rate and fee combination offered by another lender or they will pay you $500 cash.
Shop around. Don't expect to get the best offer from your current lender. Find out what other lenders will offer before approaching your current lender for a rate cut or restructuring offer. You'll want to gather as many offers as quickly as possible and compare them carefully to find one that best fits your immediate need.
Online mortgage search services like and LowerMyBills.com are confidential and free. You can fill out one simple form and within minutes you'll get offers from up to four lenders who want to work with you. You are under no obligation to accept an offer.
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This article is a general guide only and is not intended to replace professional legal or financial advice.