The Lender Will Scrutinize Your Credit History, Your Income And The Loan To Value

Category: Finance, Real Estate.

Regardless of what others may have told you, what you may have read or what you may think, a refinance loan to stop foreclosure is eminently possible. Every time a borrower applies for a refinance loan to stop foreclosure, the lender looks for three major things.

Several lenders exist, who will be quite happy to loan you money, regardless of your current credit rating or your past credit and mortgage loan history. The lender will scrutinize your credit history, your income and the loan to value. If, however, you are more than 2 months in default, your credit will have suffered and you will have to show a more stable source of income than before or substantial equity in your home to be able to qualify for a refinance loan to stop foreclosure. In case you are just 2 months, behind with your, or less mortgage payments, chances are that your credit rating is probably still in the acceptable range and you can qualify for the loan quite easily. A loan for foreclosure refinance is a desirable option to be considered when your home is in foreclosure, but they can often be difficult to obtain. The basic requirements to qualify for foreclosure refinance may vary from one lender to the next.

In most cases, you must be able to meet certain basic requirements in order to qualify for a loan. A loan can often be quite difficult to obtain in the foreclosure stage because the payment record and the credit history of the homeowner have been affected negatively by the proceedings. When trying to obtain a loan, it is usually necessary to have a minimum of 30% equity in the home. A homeowner is also likely to have money trouble and is not likely to be putting money into the home, being unable to make the payments. Also, typically the credit history must be in fairly good condition. However, these loans are generally not easily available, unless your credit rating is very good. Homeowners may also be looking for a personal or an unsecured loan to stop a foreclosure proceeding.

In such cases, if the application is rejected, the homeowner needs to explore all other options for obtaining refinancing. Getting help from a professional company helps to ensure that your application for the loan will not be turned down merely on the basis of your credit at the current time, your lack of or reduced income or the lack of equity in the property. Although, mortgage loan companies, in most cases do have a set of basic minimum requirements for a homeowner to qualify for a stop foreclosure loan, some lenders can be a lot more understanding of the circumstances of a borrower. They can ensure that your case is thoroughly reviewed and merits are considered. Even if you seem to be unable to meet the general minimum requirements for a mortgage refinance loan, remember that exceptions can be made. Regardless of the mortgage credit history you have, you may still be able to qualify for a mortgage loan to stop foreclosure.

So, do some research, find out if you can still refinance your home and stop the impending foreclosure. Several of the non- traditional foreclosure lenders as well as private lenders, are fairly lenient with these general guidelines, and do lend up to 90% of the value of the property.

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