With everybody suffering from the economic downturn
, it is no wonder that people are turning to inventive ways to stay afloat in these hard times. Some people are at their end try on how to stave off foreclosure proceedings and one way is to get fast track mortgages
These fast track loans are actually remortgage loans designed to lessen monthly amortization payments by extending the life of the loan (called the term in banking industry). Fast mortgages do not need too much paperwork as there are already existing documents from the previous lender. All it needs is a thorough evaluation by a loan processor to act fast.
Remortgage loans are simply refinancing loans that will give a brief breathing spell to homeowners in danger of losing their homes. These are people who have missed making 3 or more monthly payments already and have no where else to go or approach to.
Fast track mortgages are part of the new strategy of banking and mortgage industries to help struggling homeowners. Bankers and lenders realize they will lose more if they go on foreclosing properties with a very bad buyers market. Their losses will only pile up.
Although borrowers are free to change or switch to another lender, the best option is to stay put with the present lender. Only borrowers who have credit scores of 600 or even less are qualified under this debt-relief program. These are actually remortgage loans with a less threatening name or nomenclature to it.
This relief program is designed to let people stay in their homes who have little or no equity in the first place and therefore no interest at all in keeping their homes at all cost. They could just easily abandon these houses and further depress the mortgage markets. They also will not qualify if they attempt to re-finance because of late or missed payments in the past.
A bad credit remortgage will provide temporary relief to sub-prime borrowers who were tricked into signing on loans they can ill afford to pay. The original lenders did not sufficiently explain all the pitfalls of getting a large loan disproportionate to their paying capacities.
Further, a bad credit remortgage will stop the hemorrhage in the housing industry that led to drastic drops in home values. Since the housing industry is huge and provides a big number of jobs, fixing this industry will help get the economy back on its feet in no time at all.
Some people will not qualify under this program. Examples are those who have a good credit rating or history, fixed rate mortgages or adjustable rate mortgages which had already been reset prior to January 01, 2008.
However, those not qualified can still find relief such as loss mitigation measures by the lender (extending the time of payment, waive some penalties, etc.) and loan modifications to revise some terms which are considered as onerous to the borrowers.
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