An Alternative to Refinancing
Posted on | July 9, 2009 | No Comments
As rates move up and down, many are finding themselves in the position of not being able to qualify for a standard refinance. They either have a debt to income ratio that is way out of whack, a loss of job or not enough equity to pay for closing costs. If you find yourself in a tight situation and need to get something done so you can continue to pay and stay in your home, call the lender you are with and let them know you need to talk to someone about a mortgage modification.
You will still have to qualify and there are minimal closing costs involved but I know of several people who have been able to get their mortgages either partially reduced for the remainder of the term of the loan or a reduced payment for the entire term of the loan. The worst they can say is no and you don’t know if you can qualify if you don’t try. The key is to talk to someone that can help you and you will only find that person if you pick up a phone and call.
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