What To Do If You Do Not Qualify For Affordable Home Refinance And Modification?

By Author: J.J. Yong
Total Articles: 963
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When facing economic uncertainties, many things are left hanging in the balance. One of which is your mortgage payments that may be behind schedule, thus you might be dragged into foreclosure trouble. If you are unsure of how to stop home foreclosure, there is one definite way that would let you off the hook, provided that you do it well. It is called mortgage refinancing, and many people before you have undertaken this option and successfully salvaged their home without having to end up on the streets!

Nevertheless, remember that not everyone around would qualify for these mortgage modification programs, as there are many requirements and the application process might prove to be troublesome to some. If you are not eligible for home refinancing modification plans, what would be your next step? Worry not as there are plenty of different solutions, as listed below:

1) Try to negotiate with your lenders to avoid foreclosure. At the end of the day, if they have to auction off your home, they would end up losing money as well. This is something that your creditors are perfectly aware of, thus they would definitely ...
... be open to negotiation. Make use of a hardship letter to explain why you have fallen behind in terms of payment, and propose a plan to catch up on the missed payments. Attach all the relevant documents such as job termination notice to help your cause further when you negotiate with your lenders.

2) Seek help from debt management firms that could help you deal with this problem. The consultants from these firms would be able to assess your problems, and come up with proper solutions to help you out. They would also be able to offer useful advice in terms of refinancing loans, and if you are fortunate enough, some of them would also help negotiate with your creditors on making your mortgage loan more manageable.

3) If the above do not work, schedule for a hearing at a local circuit court, and buy yourself some more valuable time to sort out your finances! Considering that these courts have hundreds of cases pending before yours is considered, your case would probably take months, even years to be produced in court. While your case is pending to be heard, take the time that you have to sort out your financial situation, and if possible pay off your creditors before hearing is set!

The three above-mentioned steps should prove useful enough to work for you, especially if you are planning to stop foreclosure now! All the best!
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