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| Fearing Foreclosure? STOP FORECLOSURE & SAVE YOUR HOME by Refinancing! |
REFI: TAKE OUT ANOTHER LOAN TO GET CURRENT ON YOUR HOME
But be aware, if you are already in a situation where you are unable to pay down your current loan, will it
really be wise to commit to owing more? Be sure to really understand the consequences before you sign
on the dotted line and take another loan.
Nonetheless, if you are you currently employed and you want to take another loan, here are some
default and foreclosure options.
-REFINANCING OR JUNIOR LOANS : Refinancing replaces your current mortgage while a Junior Loan
adds an additional loan and payments.
-HARD MONEY : Hard Money loans are offered to help with foreclosure to homeowners in default or
foreclosure, but be careful as they often lend at high interest rates. Hard money lenders will require a
refinance rather than an additional mortgage and tend to be short term. This is not usually a good plan
to stop foreclosure. These types of loans best serve contractors or investors needing temporary cash.
-DEBT CONSOLIDATION: Debt Consolidation agencies contact and create agreements with your
creditors to repay your debt before and during foreclosure. Foreclosure options from debt consolidation
will usually adversely affect your credit.
--HELOC: Borrowers who are current on their mortgage can stay current by borrowing against their
equity. The best instrument for this is a HELOC, a credit line, which you can draw on as needed. This
doesn’t solve your problem, but it buys time while you find a solution. Within the limited time you have
available, your financial situation must recover to the point where you are able to service both loans. You
can estimate how much time you have by dividing 90% of the credit line by your monthly payment. If
your credit line is $20,000 and your payment $500, for example, you have about 36 months.
Most mortgage brokers are ethical lenders. The small number of predatory lenders creates an incredible
scare to borrowers. For example, predatory lenders might purposely place a consumer in a mortgage
where interest rates increase and/or other negative factors are included knowing the borrower cannot
afford payments over time and make the loan impossible. The lender could then foreclose and financially
benefit from reselling the property – leaving you without your home and with damaged credit. To learn
more about predatory lenders as well as become alert to various mortgage scams, visit the Mortgage
Bankers Association of America’s website at www.mbaa.org.
Can GPS help you with this option?
Not directly because GPS is not a mortgage company. However, if you feel that refinancing is your best
solution and you would like to be referred to a mortgage broker, GPS can refer you to one of the
companies that we do business with. That mortgage broker will help you evaluate your situation more
and see if getting another loan is a possibility for you.
(Full Disclosure: GPS may be paid a fee for referring you).
If you would like to inquire further, please contact us today.
But be aware, if you are already in a situation where you are unable to pay down your current loan, will it
really be wise to commit to owing more? Be sure to really understand the consequences before you sign
on the dotted line and take another loan.
Nonetheless, if you are you currently employed and you want to take another loan, here are some
default and foreclosure options.
-REFINANCING OR JUNIOR LOANS : Refinancing replaces your current mortgage while a Junior Loan
adds an additional loan and payments.
-HARD MONEY : Hard Money loans are offered to help with foreclosure to homeowners in default or
foreclosure, but be careful as they often lend at high interest rates. Hard money lenders will require a
refinance rather than an additional mortgage and tend to be short term. This is not usually a good plan
to stop foreclosure. These types of loans best serve contractors or investors needing temporary cash.
-DEBT CONSOLIDATION: Debt Consolidation agencies contact and create agreements with your
creditors to repay your debt before and during foreclosure. Foreclosure options from debt consolidation
will usually adversely affect your credit.
--HELOC: Borrowers who are current on their mortgage can stay current by borrowing against their
equity. The best instrument for this is a HELOC, a credit line, which you can draw on as needed. This
doesn’t solve your problem, but it buys time while you find a solution. Within the limited time you have
available, your financial situation must recover to the point where you are able to service both loans. You
can estimate how much time you have by dividing 90% of the credit line by your monthly payment. If
your credit line is $20,000 and your payment $500, for example, you have about 36 months.
Most mortgage brokers are ethical lenders. The small number of predatory lenders creates an incredible
scare to borrowers. For example, predatory lenders might purposely place a consumer in a mortgage
where interest rates increase and/or other negative factors are included knowing the borrower cannot
afford payments over time and make the loan impossible. The lender could then foreclose and financially
benefit from reselling the property – leaving you without your home and with damaged credit. To learn
more about predatory lenders as well as become alert to various mortgage scams, visit the Mortgage
Bankers Association of America’s website at www.mbaa.org.
Can GPS help you with this option?
Not directly because GPS is not a mortgage company. However, if you feel that refinancing is your best
solution and you would like to be referred to a mortgage broker, GPS can refer you to one of the
companies that we do business with. That mortgage broker will help you evaluate your situation more
and see if getting another loan is a possibility for you.
(Full Disclosure: GPS may be paid a fee for referring you).
If you would like to inquire further, please contact us today.