When you fall behind on your mortgage it can be a very scary thing for most people. Feeling scared of losing your home is not anything to mess around with. You need to take control of the situation and take the necessary steps to fix the problem. The first thing that you should do if you can't pay your mortgage payment is to call your mortgage company right away. Most of the time they have assistance programs for people who are facing financial hardships.
If your problem is beyond their ability to help you. Just remain calm and don't freak out. There is still a lot of help out there that you can utilize before you have to fear losing your home. It takes several months of your mortgage not being paid for them to have the right to come and press foreclosure against you.
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They can threaten you and tell you whatever they want. But your house payment has to fall at least 3 payments behind before they can even start the foreclosure process. If you are not in this danger zone yet you can use things like emergency loans which are short term loans that are usually paid back in 2 to 4 of your pay periods. Don't be afraid to use a cash advance if you just need to buy yourself some time to get back on your feet.
If you find yourself in a position of having to resort to using a cash advance emergency loan. You should apply for a bad credit file loan right away so you have money after the cash advance is due. So you have 2 loans to help you here. Your emergency loan puts the money you need in your hands within 24 hours. Send this money to your mortgage company right away. You should then try to get approved for a bad credit file loan to take care of your immediate needs as soon as possible. You can find all kinds of bad credit file loans in the link below for bad credit refinance loans.
After you have taken these steps you will want to find a bank to refinance your mortgage. In order to obtain this if you have been having problems making your payments. You will need a bad credit refinance loan. This does not necessarily mean that you will have to pay an outrageous amount of money every month for your mortgage either. You can still get a good deal on a bad credit refinance loan through select banks. We make recommendations for people that don't have good credit on where to apply for bad credit loans.
We always recommend to people that you first try and apply for a bad credit refinance loan with Beneficial Bank. They are a division of HSBC. They provide lending to people that don't have perfect credit more then a lot of other financial institutions do. You can find a link to their website in the link above for bad credit refinance loans.
If you are not in a financial jam where you are late on all your payments and your not in desperate need of help right away. You might want to consider having your credit repaired first before you refinance. This will allow you to get everything negative erased off your credit report. Credit repair is a simple process that uses laws that were put in place to protect people from unfair credit and collection practices. This service and process is completely legal to have all the bad items removed from your credit report. You can have perfect credit again in a matter of a few months of entering this kind of program. The whole object behind doing this is so you can get the best deal on a home refinance. This can mean saving you thousands of dollars in interest over the life of your mortgage. You can find more information on how you can repair your credit in the link below for free debt management advice.
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