How can I Refinance if I am Behind on the Mortgage?

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How can I Refinance if I am Behind on the Mortgage?

Behind Mortgage Payments? You are not alone. According to the Mortgage Bankers Association, statistically, in 2020 nearly over 3 million homeowners skipped, delayed, or made part payments on mortgages, a continual devastating impact of the coronavirus pandemic.

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Behind on Your Mortgage: HERE ARE 5 WAYS TO CATCH UP

  • Mortgage refinancing
  • Request forbearance on your mortgage.
  • Obtain an agreement on a loan modification.
  • Reducing housing payments each month.
  • Make a repayment schedule.

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Mortgage Refinancing: This enables you to obtain a new mortgage with new terms, which can reduce your monthly payment significantly if you are eligible for a cheaper interest rate.

Request Forbearance on your Mortgage: Borrowers can use this to temporarily delay or lower their mortgage payments for a set period without incurring additional fees.

Obtain an Agreement on a Loan Modification: This is a contract between you and your lender that permanently alters the conditions of your current home loan.

Reduce your Housing Payment Each Month: A homeowner’s monthly house payment includes insurance, taxes, and other costs in addition to principal and interest.

Make a Repayment Schedule: If you’re still undecided, contact your lender and inquire about a personalized repayment plan.

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Can I Refinance If I Have a Late Payment?

You can refinance an overdue mortgage to avoid foreclosure by bringing a past-due house loan current. 

The refinancing process pays off the existing mortgage and replaces it with a new one, giving borrowers a new start. 

Can I Refinance if I am in Forbearance? 

If your mortgage loan is in forbearance, you most likely cannot refinance it. 

You may, however,  have some options if you end your forbearance.

What Happens if You Get Behind on Your Mortgage?

Here are some things to expect if you have defaulted on your mortgage;

  • A default notice will be sent – This is a letter advising you that your mortgage account has gone into default and to make payment within 30 days.
  • Your lender will sue you.
  • It’s possible that you will have to sell your home.

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The grace period can last for 2 weeks. 

You could also be curious as to when the foreclosure process will begin. 

Mortgage services cannot commence foreclosure in most situations until the homeowner is 120 days behind on payments, according to Federal Law.

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