![]() |
Home Loans and Mortgages - Tips to Avoid ForeclosureToday's real estate market is a volatile one; prices are at record levels and Interest rates are favorable, but foreclosures are increasing. Wages haven't kept up with home prices and some buyers who had to stretch to find a way to obtain a mortgage in the first place are having trouble making their payments. Usually, if a buyer cannot meet his or her mortgage obligation, the lender forecloses, taking the home and leaving the buyer without a place to live and a tarnished credit record. If you are having problems paying your mortgage, can you avoid this scenario? Depending on your type of mortgage and your lender, you may have other options. Most lenders, wary of rising foreclosure rates, would rather work out some sort of solution than take your home. Lenders are in the business of lending money, not selling houses, and the process of foreclosure is a tedious one that most institutions would rather avoid. The first thing you should do if you find yourself with a problem making your payments is to call your lender and discuss the matter with them. The sooner you contact them, the more likely you are to work out a solution that's agreeable to both of you. Here are a few possible options for buyers who are having temporary cash flow problems:
These are just a few choices that may be available to you. Your lender may offer other solutions, as well, so don't' hesitate to call them if you find yourself in financial trouble. It is far better to contact the lender and tell them of your problems than to have them call you and ask, "Where is our money?" Be forthright and tell them that you want to work something out, and you may find a solution that allows you to keep your home. It never hurts to ask. ©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .
20-year mortgage refinance rates edge down after upward bounce yesterday | June 7, 2022 Fox Business When Should You Refinance an Adjustable-Rate Mortgage? | Mortgages and Advice | US News U.S News & World Report Money Cash-Out Refinance vs. HELOC: Which Should You Choose? Business Insider Refinance apps are 80% below their 2021 level National Mortgage News What Is a Home Equity Investment? | Guide To Equity Sharing The Mortgage Reports Mortgage demand falls to the lowest level in 22 years amid rising rates, slowing home sales NBC News As Fixed Rates Rise, Should You Consider an Adjustable-Rate Mortgage? | Mortgages and Advice | US News U.S News & World Report Money Refinancing slips out of fashion in Pittsburgh, while borrowing against home equity makes comeback Pittsburgh Post-Gazette Refinance Calculator Bankrate.com 3 Ways Rising Property Values Are Actually Bad for Homeowners Business Insider Does It Ever Make Sense to Buy a Home if You Have Bad Credit? The Motley Fool Trends in Mortgage Refinancing Activity Freddie Mac Today’s mortgage refinance rates: Steady shorter terms offer best savings chances | March 17, 2022 Fox Business When to Refinance Your Mortgage Business Insider Can You Refinance a Reverse Mortgage? Investopedia Today's Mortgage, Refinance Rates: June 18, 2022 | Rates Remain High After Recent Spike Business Insider How to refinance your mortgage, a step-by-step guide The Washington Post The Mortgage Refinance Rush Has Cooled, But HELOCs Can Unlock Housing Wealth Hawaii Business Magazine Today's Mortgage, Refinance Rates: June 22, 2022 | Rates Probably Won't Decrease Soon Business Insider Is It Too Late to Refinance Now That Mortgage Rates Are Soaring? The Motley Fool Mortgage Refinance As An Inflation Hedge Surfky.com Jumbo Loan Refinance Guide | 2022 Rates and Guidelines The Mortgage Reports 3.8 million homeowners would still benefit from refinancing amid rise in mortgage rates, says Black Knight Fox Business How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans 3 Reasons to Refinance Your Mortgage Despite Rising Rates The Motley Fool After Losing Her Home in a Fire, This Teacher Needed a Fresh Start. A Mortgage Refinance Helped Her Do It NextAdvisor 10 Mistakes To Avoid When You Refinance a Home Loan GOBankingRates Home Mortgage Refinancing Disparities During the COVID-19 Pandemic: Insights for Delaware, New Jersey, and Pennsylvania Philadelphia Fed Still time to lock in a lower rate: Today's 30-year mortgage refinance rates fall | Feb. 9, 2022 Fox Business Cash-out mortgage refinancing hits 14-year high The Real Deal Should You Refinance Your Mortgage in 2022? The Motley Fool Can You Refinance A VA Loan? Zing! Blog by Quicken Loans The cost to refinance a mortgage: What to expect | Mortgage | Chase Chase News & Stories Texas' Best Mortgage Lenders & Current Mortgage Rates | US News Loans U.S News & World Report Money 3 reasons it’s not too late to refinance your mortgage CNN Underscored Cash-In Refinance: What It Is And If It's Worth It Zing! Blog by Quicken Loans What Do Appraisers Look for in a Mortgage Refinance? Business Insider Mortgage demand falls to nearly half of what it was a year ago, as interest rates continue to rise CNBC Cash-out refinance vs. no-cash-out | What's the difference? The Mortgage Reports
|