Bad credit mortgage refinance can be difficult and attempting it may cause many
delinquent homeowners to lose their homes to foreclosure! While mortgage refinance may be a way
to avoid foreclosure there are many pitfalls along the way that the homeowner must protect
themselves from.
One of the major problems with refinance is that the loan
broker, while well meaning I am sure, tells the homeowner seeking refinance that a they can get
them a loan and to stop making their house payments while they process the application. The
reason for this is to make accounting easy when the loan closes and while this sounds good at
first, it can cause a major problem for the loan applicant.
Don't Let A Well Meaning Loan Broker
Cost You Your Home!
The applicant follows the loan brokers instructions and
stops making house payments, the money gets spent on other things, the loan does not get
approved, and, now, the applicant is behind on his mortgage and facing
foreclosure.
Refinancing with bad credit is difficult especially if your
are in foreclosure already. Once the loan is 90 days, or more, delinquent the equity required in
the existing home is typically a minimum of 40%, and with today's plummeting home values that is
unlikely to be the case. Another issue to consider is, in the remote chance you are actually
approved for a refinance loan, the interest rate will most likely be quite a bit higher than your
current interest rate, making the payments higher and more difficult to keep
current.
Let the 7 Easy Steps Program
Help You Save Your
Home
Without A Refinance Loan!
Stop Foreclosure In 7 Easy Steps can help you save your home without a new loan.
For less than the cost of a few nights in a rented home this easy to use program takes you step
by step through avoiding foreclosure. This proven method has been used successfully with 100s of
lenders and 1,000s of foreclosures.
See How Stop Foreclosure In 7 Easy Steps puts you on right track to stopping foreclosure!
