| If you are facing foreclosure, you may have heard | | | | Recently, there have been government programs |
| about stop foreclosure loans. You may even have | | | | established to help homeowners with adjustable rate |
| been approached with loan offers. If you are | | | | mortgages find alternative financing that they can |
| wondering if a loan could be the solution for your | | | | afford. Project Hope and the FHA Secure Refinance |
| foreclosure problem, read on to learn more about | | | | Program are two such programs that you can look in |
| loans that stop foreclosure. | | | | to. |
| If you have any equity in your home, a refinance loan | | | | Not a new loan, but similar is what is known as a "loan |
| can be all it takes to avoid foreclosure and get your | | | | modification". A loan modification is where you |
| mortgage payments down to an affordable level. If | | | | negotiate with the bank to change the terms of your |
| you do this early on, you have a better chance of | | | | existing loan. Depending on your situation, a loan |
| finding a decent rate on your refinance. By waiting to | | | | modification may be a possibility. To find out if you |
| the last minute, you will find that you will be choice | | | | would be a candidate for a loan modification, you can |
| picks for loan sharks and investors who want to | | | | speak with your bank directly. |
| charge you ridiculously high rates. | | | | Whatever choice you make, you must know that in |
| If you do not have enough equity in your home, it can | | | | order to have the most successful outcome, you need |
| be much more difficult if not impossible to get a | | | | to act fast. Foreclosure moves quickly and there are |
| refinance loan for your home. You may be able to find | | | | many important decision that you will have to make. |
| a non-traditional or private mortgage lender to lend you | | | | Communication with your lender is very important. |
| up to 90% of the value of the property, however you | | | | Remember that the bank doesn't want your house, |
| will have to prove stable income to qualify. | | | | they just want the money for it. Everyone is happier |
| If you are falling behind on payments due to an ARM | | | | with a good outcome that keeps you in your home. |
| loan, you may want to consider refinance as well. | | | | |