Are you faced with the possibility of losing your home due to foreclosure? If so, there is no better time than now to consider your options for putting a stop to this process. The longer you wait the less chance there is that you will be able to stop foreclosure, allowing you to save your home.
While there are many ways to stop foreclosure in Philadelphia, some have come to realize that refinancing is one of their best options.
In short, refinancing your mortgage allows you to change both the interest rate as well as the term. Subsequently, you may find yourself in position to fight off foreclosure and remain in your home.
Even if you have fallen behind with your mortgage payments, you can refinance your loan to stop foreclosure.
Your goal is simple: to use one loan to payoff another. When you do this, your original lender gets the money that is owed to them. In turn, they are unable to move forward with the repossession of your property.
It is important to note that foreclosure laws vary from state to state. For this reason, you should not expect that you can refinance right before foreclosure to save your property. This may work, but if you wait too long you could find that it is too late.
Although this may sound like a great way to stop foreclosure, there is something else to consider: you have to find a lender that is willing to refinance your loan despite the fact that you are behind on payments to your original lender. This can be a challenge, but not an impossible task.
Note: since you have missed mortgage payments in the past, the lender refinancing your loan will not likely offer you the best interest rate.
Depending on where you live and your current situation, you may be able to refinance your mortgage as a means of stopping foreclosure. This is just one of the many ways to stop the process, so be sure to consider all your options.
Not sure of what to do next? Contact a foreclosure attorney in your local area who can explain your state’s laws, review your mortgage, and help you decide if refinancing is the best method for moving forward.
If you want to stay in your home, as opposed to losing it to foreclosure, you should try everything you can, including a refinance, to make this happen.
You may be able to stop the foreclosure process by refinancing your mortgage. Learn more about refinancing foreclosure in Philadelphia in this presentation.