Do you know that if you are facing foreclosure, renegotiating your home mortgage can be the best way to save your house? Find out if the lender agrees.
The first step you should take is to contact your mortgage lender. Explain your financial situation, and that you do not want to walk away from your home. There are steps you can take to avoid foreclosure. Write down your plan and discuss it with the lender.
How Do I Save My House From Foreclosure?
Do what you would do with any creditor. Explain financial the situation you are in. Tell them you lost your job and are having a problem making payments on time, due to your high rate mortgage. Can I Renegotiate My Home Mortgage? Ask the lender if they could change your higher fixed rate mortgage to a mortgage that has a lower rate so you will be able to pay the mortgage and not lose your home.
What if My Mortgage Lender
Try to find another mortgage lender to take over your mortgage. Find a lender who is backed by the FHA. You will most likely need to have a credit score of about 650 to transfer. You also will be required to have some ready cash for transfer fees. Can I Renegotiate My Home Mortgage? Renegotiating a mortgage is better than having your house repossessed. Be prepared to have sufficient funds for a down payment for the new mortgage loan.
This is a good time to renegotiate your home if your credit score allows. Contact the major Credit Bureau and request a copy of your credit score. If your credit score is too low to get a new loan, build up your credit score before considering transferring the mortgage. Pay-off all old bills and put some money into a savings account. When your available cash is more than what you owe, you will probably be able to get a new mortgage with a lower rate.