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Should we go and Refinance our Home Loan?

We have a mortgage for 10 years. It’s really hurting us. What can we do about it? We live on a very quiet neighborhood. We took out a home loan with a very optimistic term. Since we have very short terms, our the interest rates on our mortgage is quite low while our repayments are really high. We are considering to go for a refinancing scheme to avail of some lower interest rates but what can we do to make sure that this won’t hurt us in the long run?

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How Can You Solve Your Bad Credit Mortgage

You can solve all your bad credit mortgage issues with the help of a bad credit mortgage broker. It’s the job of bad credit mortgage broker to help those individuals who are suffering from bad credit score or has a low income. If you are one of those who have a long history of loan rejections then bad credit mortgage broker can help you immensely.
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Second mortgage foreclosure

Question: Can they foreclose on your home if you are in default on your home equity loan but current on your primary mortgage?

Answer: If you are current on your first mortgage and become delinquent on your home equity loan (which is a form of second mortgage), the second mortgage lender has the legal right to foreclose on your house and property. However, it may not do so because of economic reasons, which I will discuss below.

Here is the good news: Lenders do not like to foreclose on mortgages because foreclosure offers a poor economic return. Lenders foreclose only as a way of limiting losses on a defaulted loan.
Generally speaking, when homeowners get behind on mortgage payments, lenders will work with them to bring the loan current. To do so, however, the owner must stay in communication with the lender and be honest about the financial situation.

Are reverse mortgages different than home equity loans?

Let us first define reverse mortgage. A reverse mortgage is a type of loan available to older homeowners. It enables them to convert the equity in their home to cash in order to finance living expenses. Whether it be for home improvement or for health care. Payments are then made by the lender to the homeowner.
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Interesting bits

Latest from the News

Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.