A common alternative to a home foreclosure is doing a loan modification, essentially a repayment plan. Working out a loan modification with your lender will help you to avoid foreclosure and protect your credit. While most people facing foreclosure work to try to save their home, the bottom line is that they simply cannot afford it. Many are not in a financial position to refinance in UT for a reduced payment and establishing a repayment plan is difficult as the payment will be higher, in order to repay the default amount. This is where this type of program comes in.
After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.
Once you have gotten pre-approved for a mortgage, you can narrow down your home search, decide what you want to buy, and be in control of your decisions. Narrowing your price range down allows you more time examining the needs you and/or your family require in a new home. You can focus on neighborhood demographics, schools, and examining public transportation routes to your workplace.
Unfortunately, not all banks offer loan modifications as a viable solution, with foreclosures are at all time highs; more lenders may offer these types of programs that they did not previously offer to homeowners. Most of the large banks and mortgage servicing companies are the ones that do not offer this is a solution, consider using a local mortgage company to refinance your loan and avoid foreclosure.
Today's lending market has shown that it takes longer to get approved for a home loan. By going through the pre-approval process before you go under contract you can get your inspections done quicker, you can see yourself moving in faster, and have all of your stuff moved in no time. Getting pre-approved for a home loan before you go house hunting or before you refinance in UT is the smartest thing to do.
After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.
Once you have gotten pre-approved for a mortgage, you can narrow down your home search, decide what you want to buy, and be in control of your decisions. Narrowing your price range down allows you more time examining the needs you and/or your family require in a new home. You can focus on neighborhood demographics, schools, and examining public transportation routes to your workplace.
Unfortunately, not all banks offer loan modifications as a viable solution, with foreclosures are at all time highs; more lenders may offer these types of programs that they did not previously offer to homeowners. Most of the large banks and mortgage servicing companies are the ones that do not offer this is a solution, consider using a local mortgage company to refinance your loan and avoid foreclosure.
Today's lending market has shown that it takes longer to get approved for a home loan. By going through the pre-approval process before you go under contract you can get your inspections done quicker, you can see yourself moving in faster, and have all of your stuff moved in no time. Getting pre-approved for a home loan before you go house hunting or before you refinance in UT is the smartest thing to do.
About the Author:
Learn more about home refinance in UT. Stop by Harry Kirkland's site where you can find out all about refinance in UT and how it can help you.
Ditulis oleh:
Unknown - Sunday, September 23, 2012
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