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Refinance
Refinancing is the best option for anyone in foreclosure
and should probably be the first option you explore.
But not everyone can refinance. There are certain limits
that must be adhered to in Texas. We will cover these a little
later.
First, you must be aware that a refinance is getting a new
loan to replace your old loan. You will no longer be in foreclosure.
But the process does take time. Normally 30 days. But if you
are in foreclosure you have less and only a few mortgage companies
in Houston can help homeowners in foreclosure. And fewer companies
can work for fast.
If you can refinance, the interest rate you will get will
be much higher than what you have now. And the fees will be
high as well. This is because you are a must higher risk to
the lender and the loan muct be processed and closed must
sooner than normal.
But if it can save your house, it is probably worth it.
Refinancing is best for Houston homeowners who have a large
amount of equity, do not want to move, and have enough income
to be able to make regular monthly mortgage payments.
If you feel refinancing is the option you wish to pursue,
call us for a Free Situation Evaluation. We will determine
what the market value of your house it and calculate how much
a new mortgage payment would be so you can decide if you want
to go through with it.
Click here for more
articles about refinancing
If you do not have much equity, at least 20%, or do not have
enough income to make a regular payment refinancing might
not be for you.
Check out these other options.
Sell with a Realtor
Sell to
an Investor
Declare Bankruptcy
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