Stop Foreclosure by Refinance Your Home Loan
 Refinancing means; Securing a new mortgage to pay off an existing mortgage and usually secured by the same property as the first.
 ADVANTAGES: Most Borrowers Refinance to be able to reduce monthly mortgage payments by refinancing into a fixed rate loan with a longer term of 40 or 50 years. The government is coming out with some new programs such as Hope 4 Homeowner (H4H) in attempt to help people retain their homes.
 Check your current loan for prepayment rules and gather all the documentation you need to apply for a new loan.
Income Documents:
- 30 days of most recent pay stubs
- W-2s from past 2 years
- lease agreements if property is a rental
- tax returns if self-employed
Payment Slips and Account numbers for:
- any mortgage to be paid off
- any debts to be paid
Insurance
- Declarations page of your homeowners insurance
Asset Statements
To qualify for the best rate you will need to show reserves
- Checking or savings
- stock accounts
- 401K
 DISADVANTAGES: As the Mortgage Crisis continues, most lenders will only loan money to the BEST of borrowers with substantial credit scores and documented assets. In addition, with the loss of equity most people are facing, yesterdays equity is gone and home equity lines from lenders are few and far between.
 Check your mortgage documents for prepayment penalties. Typically, prepayment fees are six months interest or 3% to 5% of the remaining mortgage balance. Many mortgages have a clause stipulating the right to collect prepayment penalties even if the early payoff is due to a Foreclosure action. A refinance on your existing home can be very costly as you will have to once again pay for a survey, appraisal, inspection, documentations fees, mortgage fees AND payoff any existing debt on the property such as delinquent real estate taxes and any personal outstanding debts and/or liens.
 CONCLUSION: In today's environment your original lender may be willing to modifying or rewrite your current loan. Home Rescue Foundation can help you evaluate your situation and determine if refinancing is the right choice. If so; we can help you find a lender.
 Home Rescue Foundation can help you evaluate your situation and determine if refinancing is the right choice. If so; we can help you find a lender.
 As mentioned above a Refinance is not for everyone. Based on current home values and employment trends, you may want to consider a Loan Modification. Lowering your monthly payment is a great way to avoid trouble in the future and stay in your home and is a fraction of the cost to refinance.
 Based on current home values and employment trends, you may want to consider a Loan Modification and permanently lower your monthly payment.
 Additional Resources and Documentation:
Would you like HRF's advice if a Home Refinance or Loan Modification is right for you? Fill out the form below, call the number at the top of this page or click here to chat live with Loan Modification Specialist. You can also purchase our Stop Foreclosure with a Refinance eBook at the bottom of this page.
Legal Disclaimer: This information on this site is NOT legal advice. You
should consult with your attorney prior to signing anything.
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