John is a DJ and radio producer by trade who has performed in the U.S., Russia, Turkey, Macedonia, Serbia & Kosovo. Through a strange twist of fate he found himself working in the debt consolidation and debt settlement field in Chicago. John has a great interest in charity work as well. His other interests include fitness, science & technology, modern medicine, poltics, world events and pop culture.
Need To Refinance To Stop Foreclosure
If you are in a position that you need a stop foreclosure refinance for stopping foreclosure immediately, you will be happy to find out that these types of loans are available as long as you have a significant amount of equity in your property.
What this means is that the total balance due on your current mortgage, in addition to any other liens on your property such as a second mortgage, property taxes, unpaid judgments, etc. plus the closing costs of a new loan do not equal an amount greater than 65% of the appraised value.
In your application to the lender, you will need to provide an estimated property value, as well as the identification of the liens on the property and the estimated amount due on each of the liens. If the lender is a equity only lender, and if the information you have provided supports their loan to value criteria, they will proceed with ordering an appraisal immediately from a licensed appraiser who will come to your property to determine its current fair market value.
Documents, of course, will need to be drawn up, and an escrow account will need to be set up just as quickly so that the documents can be delivered hastily to the escrow company so you can sign the new loan documents, and they can be reviewed and accepted by your new lender.
In addition, a stop foreclosure refinance may require an extension from your current lender if the trustee sale is imminent, so that your new loan has time to be completed, which includes the necessary time for the wiring and processing of all funds.
By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options.
However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advice coming from a seasoned advisor and money by getting better results in a shorter span of time.
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