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Loan Refinance Options After a Bankruptcy

Millions of borrowers are suffering with bad credit scores since the subprime mortgage crisis rolled in five years ago. The U.S. Department of the Treasury estimated that 8 to 13 million foreclosures will occur between now and 2012 unless subprime lenders expand bad credit refinancing and mortgage relief for borrowers who are stuck with an adjustable rate loan. If you have exhausted all home mortgage refinancing options, consider mortgage relief. Many borrowers have had success getting forbearance or a note modification that essentially accomplishes the same goal as a refinance. The reality is that many banks would rather extend loan relief than go through with a foreclosure.  Make sure that you refinance into a mortgage that you can afford because rates could go up, home values can go down and you may not qualify for another loan when you need it most.

Most bad credit lenders have a different policy when it comes to foreclosure prevention and refinancing after a bankruptcy, so you will have to talk to an experienced loan officer before throwing in the towel.  Read the entire article > Mortgage Refinancing After a Bankruptcy

Posted in Bad Credit Mortgage, Subprime mortgage news.

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