Need To Refinance To Stop Foreclosure

Written by Jill Morrison
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If you are having trouble making Mortgage payments, you may need to refinance to stop Foreclosure. Refinancing with a foreclosure loan often works very well. Time is an issue in Foreclosure, so loans are desirable because they also tend to work quickly.

Realizing the Need to Refinance to Stop Foreclosure

Many need to refinance to stop Foreclosure because they have run out of time and money to pay their fees. Though a loan is a desirable option, it may also be difficult to obtain. Homeowners must meet certain requirements to be approved for a Foreclosure loan.

Though a homeowner may need to refinance to stop Foreclosure, refinancing may not be an option. Homeowners will not be approved if their credit score is low. They will also not be approved if they do not have a minimum of 30% equity in the home.

If refinancing is not available, the homeowner must look into other options. The house can be sold to an individual in Pre Foreclosure. If the homeowner does not sell the home in this period, they could lose it entirely and the huse would be sold at a public auction.

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