If the mortgage and home crisis has left you feeling like you have no other option than foreclosure, chances are you're wrong. With the way rules and regulations are changing, there is hope for the average person who is afraid of losing their home. In fact, you shouldn't even think about foreclosure as an option until you have exhausted every resource available to get a new home mortgage or loan modification. Even if you have bad credit, you should keep trying different programs until you have no other option. Here are two options you might not have considered.
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1. Try a Loan Modification program. Now that the government has stepped in, loan modification programs are popping up all over the place. First, start with the bank that owns your current mortgage. See if they have any loan modification programs in place. If they do not, do a quick search on the internet for help in your area. Apply to as many programs as you can. Even if you do not get approved the first time, a loan modification specialist should be able to tell you if you might get approved the second time. Do not give up after the first attempt.
2. Try many different refinance companies. What many mortgage companies and brokers won't tell you is that when they are looking for a mortgage for you, they might only work with one or two lenders. So before you quit looking, ask the broker how many mortgage lenders they use. You will then know if it is worth it to work with more than one broker. Diversifying across several brokers can help you find a wide range of lenders and will increase your chances of one of them saying yes to your refinance. Also make sure that you look for a company that uses manual underwriting. This means that an actual human will decide on your mortgage, not just a computer running numbers.
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