Mortgage Refinancing Advice
by Gill F
Help! I need refinancing advice! Is there any way I can refinance my mortgage if my property is valued at less than I owe my present mortgage company? I currently pay 7.25% interest rate in Texas.
Dear Gill, Congratulations on becoming a homeowner. Now you want to stay a homeowner. For this reason, please take action if you need to refinance because you cannot afford your monthly payment. In cases like this, I suggest a couple of steps. You will probably think of more as you start to take action. 1- Call your loan servicer and ask for help. This may or may not be the same company that originated your mortgage. If you are not sure who your actual lender is, go to Locate Your Lender To Stop Foreclosure for help. 2- Homeowners having trouble affording their mortgage payment are being helped by Hope Now, a mortgage industry alliance assisting homeowners in distress. 3- FHASecure is a program that might help in the situation of a low appraisal preventing mortgage relief, as you describe. 4- Now is a great time to go to Eight Strategies To Stop Mortgage Foreclosure because the more you know, the better chance you have of saving your home. Best Wishes, Kate P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed. The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage- Rate.com.
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