Refinance to Stop Foreclosure Immediately?
Author: Hector Milla
Is a trustee sale date closing in on you so that you need to refinance to stop foreclosure immediately? Any loan takes at least a few days to close, so if this is your situation, you will need to act quickly. The most important aspect of getting this type of financing is to find a equity hard money lender whose only criteria for closing is that the amount of the new loan will not exceed 65% of the value of the property. Each of the hard money equity lenders have their own criteria, and many of these high risk lenders will only lend up to 50% of the appraised value. Hector Milla Editor of the "Best Loan Modification Companies" website --
http://www.BestLoanModificationCompanies.com -- pointed out; It is important that you have a good idea of the real value of your property so that you can provide that information to the lender. In addition, in order for the hard money equity lender to determine if your property may be able to qualify for a refinance to stop foreclosure immediately, you will need to provide accurate estimated information on all of the liens that currently encumber your property This will include estimated payoffs of all mortgages, property taxes, any unpaid judgments, etc. Ultimately, the title report and the actual written payoffs from all the lien holders who appear on title will be used, so your estimate does not need to be totally accurate, but it should be in the ballpark to determine if it is reasonable to proceed with the loan. If those estimated figures support the criteria of the lender, an appraiser will come to determine the actual value, and the lender will use the appraiser's value as well as all the written payoffs to determine if the amounts meet their loan to value requirements so that the loan can close. Be prepared to pay the appraiser at the door for his services. In addition, you will need to be realistic about the terms of the loan. This type of refinance to stop foreclosure immediately often means interest only loans at an interest rate of 12% or greater, with a due date of eighteen months to five years, and the lender's points will be maximized. Their points plus the total of other loan costs such as title, escrow, insurance, etc. will need to fit into the maximum loan amount unless you have the funds to pay these costs out of pocket H. Milla added. Further information about how to get professional assistance with a mortgage loan modification by
http://www.BestLoanModificationCompanies.comAbout the Author:
Hector Milla runs his corporate website at
http://www.OpsRegs.com where you can see all his articles and press releases.
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