How Do I Get Help If I Am Not Eligible For Mortgage Refinance?

Those who face home foreclosure trouble would be running high and low trying to find solutions to keep their lenders at bay and salvage their homes at all costs. With the uncertain condition of today’s economy, there are more and more home owners out there today that are facing home foreclosure complications, as they struggle to work out their monthly mortgage payments once they face issues such as pay cuts, job retrenchment and even termination! A mortgage refinance package would be the first solution that one would look for, but what happens when one does not qualify for a mortgage refinance package? How does one get help if not eligible to refinance one’s property?

Many try to look for bad credit home mortgage refinance packages if they have bad credit scores, but there are also some of us out there that do not qualify for even this option. So when this happens, what would be the next step? Let us look at the options available for those that are not eligible for home refinancing solutions:

1) Negotiate with your lenders by utilizing the hardship letter – this is an exceptionally popular method, and is also extremely effective if implemented and executed properly. The hardship letter is basically a letter that explains your current financial predicament and why you have failed to service your monthly loan properly and are trailing in the payment record. This letter would be used to request for an extension for you to sort out your finances, and catch up on the missed payments. You could also try to re-negotiate your loan terms and payment amounts, and if your lenders are agreeable, this hardship letter could help you negotiate a whole new deal altogether!

2) Seek help from debt management companies – plenty of these firms exist in the market today, and you would do well to get assistance from one of these firms to help you deal with your foreclosure trouble. The firm that you are dealing with (ensure that you are dealing with an established one after checking with the Better Business Bureau) would assign you with a consultant that would assess your current financial situation and propose a workable solution to restructure your finances. The firm could also negotiate with your lenders on your behalf to possibly garner you a better loan deal for your to service.

3) If neither of the above-mentioned tips work, request for a hearing at your local circuit court, and get your case suspended for at least a year at the very least (depending on how many cases are pending to be heard at the particular court). Use this time to try to sort out your finances on your own, and stay in your home without paying anything within that period!

Make use of the pointers mentioned above if you do not qualify for a mortgage refinance package when you face foreclosure trouble to your benefit! All the best!