What You Can Do If You Can't Refinance Your Mortgage
By Bill Len
It happens to many people unfortunately; having the home of their dreams can turn into a nightmare. Perhaps for a combination of reasons they can no longer afford their mortgage payments. They try desperately to refinance but get turned down. Then panic begins to set in; what should we do? This article contains some valuable advice for those people.
If someone cannot afford their mortgage payments due to a recently-gained unemployment status there is help for them. Some programs offered by the government; such as the Unemployment Program, will allow a person to temporarily suspend their mortgage payments for a period of time. This should buy enough time to find another job or make other arrangements for paying the mortgage. The typical maximum length of this payment suspension is one calendar year. If somebody is now unemployed and owe a few months' worth of mortgage payment they should qualify for this type of program.
Some financial institutions offer a "Home Loan Modification Program," with the intention of making their mortgage payments more affordable for them. In some cases; even if they do not qualify for similar federal programs, they WILL qualify for those offered by their bank. Sometimes the programs offered by these financial institutions do not have any limitations on how much money a person can borrow or when the origin of the loan took place. This can be a viable option for someone.
If things have become so bad for a person that they want to leave their home, there are different options available for them. One choice could be the "Home Affordable Foreclosure Alternative" program. With this choice the federal government provides the struggling homeowner legitimate opportunities to stay in their home. This is done through options that allow a person to settle their mortgage debt without having the home foreclosed upon. If foreclosure is imminent and they must leave, this program will offer them relocation financial assistance if they qualify. A list of the qualifications that are necessary can usually be found on pertinent websites on the Internet.
A different option for someone who must sell their home is a cooperative short sale. This type of short sale is an alternative to foreclosure for those who are not eligible for a more traditional form of short sale. With this kind of a short sale, a financial institution can begin to pursue the necessary approvals before the struggling homeowner entertains listing their property. This is another type of program for which somebody could be eligible for relocation assistance of a financial nature. It is definitely worth checking this option out.
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