Refinance or Modify?

Loan rates are down now, so lots of people want to refinance, but many people can't qualify, because of lower income or other problems.
You can get better terms with a Loan Modification forced on the Lender, after an audit of what the lender did wrong by AmericanLoanAudits.com. Read more at LoanRepairNow.com does.

Modify Your Loan

If you have a hardship, like lower income or more expenses, but still have income, you might get your loan modified for lower interest, lower balance, maybe even from an adjustable ARM to a fixed loan. Often, a 2nd Mortgage can be dissolved or settled for 10% of the original balance. Read Loan Repair Now .com to learn how a Loan Modification can help. You can force the lender to accept the Loan Mod Proposal after you do a Forensic Loan Audit (by AmericanLoanAudits.com) to discover laws the Lender broke in the Loan Documents (80% of the time).

Foreclosure

If you got a Notice of Default, you only have 110 days before it's sold. You have to act quick. In states with Judicial Foreclosure, prepare for court now.
Beat Foreclosure Fast .com explains your options in Foreclosure. Find out if you have time to sell, refinance, modify, or have to go to bankruptcy.

Normal Refinance

If you can't qualify for a Loan Modification, which can get you better rates and features than a Refinance, you can refinance, if you qualify. There are many different refinance benefits: you can lower your monthly payments, consolidate your debts, among other things.

One great refinancing benefit that you may get is to lower your monthly payments for the loans you already owe. When you refinance your home, you may get lower interest rates and therefore lower monthly payments. the effect of this is that every month you send in a mortgage payment, that payment will pay the interest and a pay off a part of the principal amount of the loan that you took out. By refinancing, you may be able to reduce the monthly payments that you make for both interest and principle.

Debt consolidation is one major refinance benefit that you can get. This refinancing benefit that can be especially useful for those with high interest debts. Credit card debts are one high interest debt that refinancing can help pay off in many cases. The equity that you have can be used as collateral to help you get a lower interest loan, which is another major refinancing benefit. Of course, you may not get an immediate increase in savings through refinancing.

refinancing for debt consolidation can be useful in that it will makes it easier to pay off all of your bills. It normally difficult to take care of all of your bills each month, so debt consolidation can simplify the payments you have to make.

One final refinance benefit is to use the equity that you have built up to cash out the equity for various purposes, such as financing your education needs or improving your home. Sometimes a Home Equity Line of Credit (HELOC) can be taken out, where you don't get all the money at once, but keep it available for future uses. because you only pay interest on what you actually borrow, it's a great way to tap the equity in your home for future potential emergencies, without paying interest unless you need it.

Most Lenders Don't Want Give You a Modification

According to Research reviewed at AmericanLoanAudits.com/sharedloss/, many Banks failed and went to the FDIC, which sold them with agreements that paid the Purchasing Bank more to foreclose than to modify the loan.

Most Mortgages since about 2004 were bought by a Securitization Trust

Research at AmericanLoanAudits.com/pool/ shows how the "Pretender Lender" was paid to lie and say it was the Lender, when the Securitization Trust actually bought the Mortgage as a Security. Lack of Disclosure, Fraud, and other issues can be alleged in court.

Housing Counseling Agencies: HUD, The US Department of Housing and Urban Development has a list of HUD-approved counseling agencies. Call (800) 569-4287 to get an agency that's close.

FHA-Insurance fund. FHA borrowers might qualify for HUD to make a one-time payment on their mortgage. Visit www.hud.gov/foreclosure for the requirements.

This article was written by Jim Krage of Zero Out Debts .com, Salvo Casas .com, Stop Bank Fraud .com, WaMu Fraud .com and AmericanLoanAudits.com.