For many homeowners, the ability refinancing mortgage make their mortgage payment has been reduced greatly over the last year. Homeowners are earning less due to the financial crisis that has companies cutting back on the number of hours that they allow employees to work, yet the cost of living is on the rise - which you probably have already realized as you load your shopping cart each week and find that you are out more and more to pay skyrocketing grocery prices.
So maybe you, too, are having trouble meeting the demands of your mortgage payment each month. Perhaps you even bought your home during the subprime mortgage boom - and now you are stuck with a payment that might be even double what you had originally thought you would be paying! If so, you can renegotiate the terms of your mortgage to not only save your home from foreclosure, but also to put money back in your wallet each month by lowering your payments.
Attempt To Work With refinancing mortgage Lender
Call your mortgage lender to attempt to refinance your mortgage. Let your lender know the reason that you have had either temporary reduction in your income or if you have lost your job altogether. It is altogether possible that the lender can look at your financial situation to work out an amiable resolution that will work for both of you. (Lenders do not want to foreclose on you - the current market is so tough that they would have trouble selling your home anyway. In fact, some banks that were rescued during the early phase of the financial crisis sold mortgage debt off to other lenders at a quarter on the dollar).
How Your Lender Might Help
Your lender can (if he chooses) do any or all of the following to help you keep your home: reduced the interest on your current loan, provide a re-amortization (loan refinancing) on your current loan, grant you a personal loan to allow you to catch up mortgage payments in arrearage, move your past due payments to the end of the loan term, accept a partial payment of the mortgage due, or give you an extended time to get caught up on your payments.
Voting With Your Feet
If your lender is not agreeable to helping you out of your financial situation with your mortgage, you have other options. You can vote with your feet. You may have heard this old adage before - but its actually very true as applied to your ability to find another lender. You can arrange to refinance your mortgage under more favorable terms with a different lender who can give you the rates that you need, and even apply for a longer term, if your needs require it. While its in your best interest and certainly more convenient to stick with your original mortgage servicer, you by no means are required to do so.
You can find many reputable mortgage lenders who specialize in refinancing those borrowers in your same situation online. The Internet provides the perfect medium to connect you with the lender who can help you establish the favorable terms that you need to better afford your home.
Kate Ross has a Master in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for Guaranteed Loans for Bad Credit, home loans, guaranteed loans, bad credit auto loans, guaranteed credit cards among many other financial products. For further information, please visit http://www.speedybadcreditloans.com
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