foreclosure bailout lenders
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan. When you do a cash out refinance, you are refinancing your entire loan. Let’s say you owe $300,000 on your home and you want to get $10,000 in cash out. If in refinancing your rate will be the same or higher, then you will be losing an extraordinary amount of money in fees just to get a $10,000 loan. In a case like that, you would definitely want to go with a home equity loan.
Home equity loans are better if:
1. You have a large home loan yet only need to cash out of a small amount of equity 2. You need to borrow up to 100% of the equity in your home 3. You want a revolving credit line 4. You want a payoff sooner, or longer than the term of the rest of your mortgage loan
On the other hand if you are:
1. Going to refinance anyway 2. Wanting to borrow a large percentage of your home’s equity 3. Refinancing for a much lower rate
Then, a cash out refinance loan may be best for you. Of course, the best way to tell is to actually sit down and do the math. These are just guidelines; the real test is in the math. You can consult a refinance calculator and a home equity loan calculator and figure out which one will save you the most money in the long run. Compare the total amounts you will spend in interest and fees. If you are planning on a cash out refinance, make sure that you are refinancing with a low enough rate to justify the fees to refinance. Your loan specialist should be able to help you figure out which one is best for your needs.
For a list of recommended Refinance Lenders or if you would like to use a mortgage calculator to help you compare a home equity or refinance loan for your cash needs, click here: www.abcloanguide.com/refinance.shtml
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Help answer the question about cash out refinance loan
Where can I get an auto refinance loan that will give me extra cash over and above the payoff for my car?I want to do some extra work on my car to enhance it's value and condition, rather than just trade up. I like my car and I know what I've got into it already. I don't want to get another used car–something that I have to start all over learning about, in terms of its mechanical needs. I just want to make my current car better, with the extra cash imbedded in the refinance.
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August 20th, 2009 at 9:19 am
The program designed to help you was called Hope Now. It was a voluntary program which turned out to be a problem. Very few lenders use it.
Most lenders chose to offer you 6 months of no payments. Not free payments; the unpaid money would be added to the balance of your loan. This has helped people get thru a bad period; but it did not solve the underlying problem.
Right now the government is not offering you many options. Everyone is waiting until January..
August 20th, 2009 at 9:28 am
There are a number of foreclosure bailout companies on various websites. You may also want to search for real estate collateral lenders (or collateralized lenders). Some of these may be federally chartered banks, mortgage companies, or hard money lenders. You'll see significant differences among different programs, so compare the costs and monthly payments for each before you decide to go with a company.
Since you can't prove great credit history in terms of your mortgage (you're in foreclosure, after all), a refinance loan would be based on your available equity and your income. Hopefully you've put some money into your home or values have gone up significantly in the past few years.
Also, you can expect to pay higher than usual loan origination costs, and a higher interest rate. You may be surprised when you see how high your closing costs are, but as your credit gets worse, the costs of borrowing money go higher. However, if you feel you're being taken advantage of badly, then you should ask serious questions.
ForeclosureFish
http://www.foreclosurefish.com/
August 21st, 2009 at 12:53 am
The "bail out" is not for foreclosures or short sales. It is a program to prevent both of these and make refinancing easier.
There is also a program to purchase foreclosures, to get them off of the market.
August 21st, 2009 at 9:08 am
do you have any other properties to use as collateral?
August 21st, 2009 at 1:00 pm
Go back to your lender and ask them where you go from here to avoid having the property foreclosed on.
Sorry your lender is such a bad answer; but having to wait for them to work something out is WAAAAAY better than getting tossed to the foreclosure bailout sharks.
August 22nd, 2009 at 10:27 pm
My sympathies That's not a good situation to be in…
One thing to remember is that your existing lender will lose money if they foreclose – they have some motivation to negotiate with you. The trick is finding out who to talk to.
Another avenue to try is one of the credit help agencies, they can often help you negotiate with your lender to avoid foreclosure.
See if there anyone who will lend you the money to get current on your payments.
If you have to…find a buyer for the house who can negotiate with your lender (many real estate investors specialize in this sort of thing) – you'll lose the house, but better that than letting the bank foreclose.
Even if the bank repossesses the house and sells it, you could still be held liable for their legal costs and the difference between your loan amount and the sale price. This kind of debt will haunt you forever – especially in light of the recent changes to bankruptcy laws
August 23rd, 2009 at 2:51 am
Check out http://www.scotsmanguide.com/ and search for residential hard money lenders that do foreclosure avoidance loans.
Otherwise, check out a few sites that offer foreclosure help and can put you in touch with other traditional lenders who may be able to do a foreclosure avoidance loan.
The Scotsman Guide is the best online list of lenders that you can call directly, though, and I've found a lot of good lenders in a lot of states on the site. You're probably better off calling almost every single one that does business in your state and finding out what their rates are, since bailout loans can be kind of expensive.
Good luck!
ForeclosureFish
http://www.foreclosurefish.com/
August 23rd, 2009 at 4:47 am
Thus far, there is no "federally funded" bailout. The currently announced plan is a voluntary one to get lenders to extend and restructured certain ARM loans.