Stop Foreclosure Refinance For Stopping Foreclosure Immediately
Author: Hector Milla
If you are in a position that you need a stop foreclosure refinance for stopping foreclosure immediately, you will be happy to find out that these types of loans are available as long as you have a significant amount of equity in your property. What this means is that the total balance due on your current mortgage, in addition to any other liens on your property such as a second mortgage, property taxes, unpaid judgments, etc. plus the closing costs of a new loan do not equal an amount greater than 65% of the appraised value. Some of these hard money equity lenders will only lend up to 50% of the property value. Natalia Osorio Editor of the "Stop Foreclosure Loans" website --
http://www.StopForeclosureLoans.org -- pointed out; In your application to the lender, you will need to provide an estimated property value, as well as the identification of the liens on the property and the estimated amount due on each of the liens. If the lender is a equity only lender, and if the information you have provided supports their loan to value criteria, they will proceed with ordering an appraisal immediately from a licensed appraiser who will come to your property to determine its current fair market value As long as the appraiser is able to substantiate the value required, and the actual payoff amounts of the lien estimates you have provided, plus closing costs, are equal to or below the loan to value limits, and a title report does not disclose any additional liens or restrictions, your loan can close quickly. Documents, of course, will need to be drawn up, and an escrow account will need to be set up just as quickly so that the documents can be delivered hastily to the escrow company so you can sign the new loan documents, and they can be reviewed and accepted by your new lender. In addition, a stop foreclosure refinance for stopping foreclosure immediately may require an extension from your current lender if the trustee sale is imminent, so that your new loan has time to be completed, which includes the necessary time for the wiring and processing of all funds N. Osorio added. Further information about how to get professional assistance with a mortgage loan modification by
http://www.StopForeclosureLoans.orgAbout 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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