How Do You Refinance To Stop Foreclosure?
If you have received notice that your home is being considered for a foreclosure proceeding, it’s a good time to look into refinancing. Stopping the foreclosure is possible and refinancing your existing loan to bring about lower monthly payments is feasible. In fact, if you can refinance your mortgage to one with a longer term, you have improved your chances of stopping the foreclosure. Contact the current lender of your existing mortgage. Discuss possible refinancing options through that lender. See if the lender will consider either a loan with a longer term or one with a lower interest rate, especially if the current market rates are lower than your existing interest rate. Either one of these strategies will lead to a reduction in the the size of your mortgage payment. Try to improve your situation by getting small personal loans from family members. Use the money to catch up on your mortgage arrears. Only do this if you believe that you will be able to hold onto your home, otherwis
