Refinance, but my mortgage is late...

[xotchil007]

Ok. I am trying to refinance right now, I have a 1st and 2nd mortgage, I'm 60 days late on my 1st mortgage and I'm 120 days late on my 2nd mortgage. There was some financial difficulty which kept me from keeping up my payments. Right now I'm on a forbearance agreement with my 1st mortgage, but the repayment plan is so high. It doubled my actual payment...and that hurt me even more. What are your suggestions? I want to try to refinance...but my credit is basically SHOT!!!

Thank you in advance.

[OregonLO]

Where are you located? How much do you owe and how much is your home worth? What are your credit scores? We need a little more information before we can really give you some advice.

[Matthew-HTDI]

Just a side note... Our service helps remove negative items off of your credit report. When you are caught up and in a better position, remember to check us out and if your a broker, you can check out our broker program oh, and I suggest you give a bit more information so others can answer your immediate question.

[carlel]

is it not possible to change your mortgage plan, maybe go on an interest only plan for a while until you've sorted out your financial situation. speak to the lender, am sure they don't want you to foreclose.

[uthai]

You might be wondering whether the time is right for you to refinance your mortgage. You might even be wondering if you should refinance your mortgage at all. Since refinancing is not a decision to be made lightly, there are several facts you will want to consider before going through with it.

There are various ways for you to figure out if now is the best time to
refinance your mortgage.

Times when it's good to refinance:

When you want to consolidate and pay off other debts, refinancing gives you a great chance to pay off your loans at a lower rate when you consolidate them. The interest you pay on your mortgage will also be tax-deductible and this will lead to cheaper payments in the long run.

If lower interest rates are available, and you're looking to save some extra money, why pay a higher interest rate? If your mortgage is not on a fixed-rate interest program, it is definitely to your advantage to shop around and try to find better rates, even after your home loan is secured. The duration of your mortgage can also be adjusted through refinancing as well. If you
want to shorten the length of your mortgage (http://www.creditdebtloans.info/bad_credit_mortgage.php) from 30 years to 15, refinancing can make that happen.

If you're looking to get some extra cash, refinancing can go to work for you. If you choose to do cash-out refinancing, you will get the cash you need right away, and it can be used towards anything.

As you can see from this list, refinancing can have many benefits. There are many options available through refinancing that can give you more money for now, and more savings for the future. However, there are other times and situations where refinancing would not be the best option.

Times when you should not refinance:

If you only want to eliminate mortgage insurance, there are easier ways to do it than refinancing. You would want to contact your home loan provider for a list of other ways since each provider is different. It almost always involves having an appraisal, but this will be immensely cheaper than refinancing.

If the refinancing rates are not noticeably lower than your current rates, then what's the point in going through the massive effort and application process? You want to make sure that you will save a large enough amount of money to make the refinancing worth the effort. If you're simply doing it just to grab fast cash and aren't paying much attention to the actual rates, you would probably be better of looking for a loan elsewhere.

If you can avoid refinancing mistakes such as these last two, you should definitely be able to make the most out of refinancing and hopefully be able to put the extra money to good use.

Refinancing can be a great asset if it is planned carefully and done at the right time.

[daniakrfewf34]

you can pay your payment in lease.
you have to contact with any local mortgage broker that will help you and give you ideas who you reduce your tension.

Kind regards