User Profile

Mrs Samara Morrison

Bio Statement Hummingbird Loans Do Homeowners Need To Refinance To Stop Foreclosures Or A Loan Modification?hummingbird loans $3000 installment loans in arizona

The Director of the Center for Responsible Lending, Keith Ernst said during Congressional testimony that the 1.5 million homes already foreclosed "are just the tip of the iceberg." Thirteen million foreclosures are expected over a five years period from the end of 2008 to 2014. At the moment one in ten homes are facing foreclosure but by the end of the year it will be one in eight homes. The current crisis is obviously going to get worse, but for the individual homeowner facing foreclosure it's small comfort that so many others are suffering too. What can be done?

Some homeowners wonder if they need to refinance to stop foreclosure? Others think they need a loan modification? What are the differences?

Many people confuse loan refinancing and hummingbird loans payday loans online same day no credit check modification. Generally, to refinance an owner wants better terms and wants to take some equity out of the home. The owner's credit must be good and there should be a minimum of 80% equity to get a good rate. A homeowner may shop for different lenders to get the best deal.

A loan modification is different. A hummingbird loans $3000 installment loans in arizona modification is done with the same lender. If a homeowner is trying to stop foreclosure, refinancing may be too late. With a loan modification the home-owner's credit rating is not an issue nor is equity, as in refinancing. Loan modifications can also save thousands of dollars in closing cost. Loan modifications are more difficult to qualify, because a hardship must be documented, but loan modification can stop home foreclosures.

Instead of needing to refinance to stop foreclosure, a loan modification is probably the better way, especially if the foreclosure process has already begun. Professional loan modifications are done by attorneys trained to do forensic hummingbird loans guaranteed installment loans bad credit audits and loan modifications. Forensic loan audits make sure the loan was properly done. Many times, attorneys find improper fees that have been added into the contract. If this has happened, they lender must refund the homeowner. If not, it still can be a tool in fighting the lender and foreclosure process. Loan Modifications done by lawyers have a much acceptance rate compared to loan modifications done by home owners on their own. Besides a higher acceptance rate, the professionals are are looking out for your best interests and will work out the best terms possible for you. Getting the lowest interest rate and monthly payments for the homeowner, is their job, not the lenders.

For more information, go to my blog,, found on the link below.


Born in Oklahoma, Raised in Texas, Studied in Mexico and Spain, Taught Spanish in Thailand, Living in Hawai'i, Orthodox Christian, Libertarian, World Traveler, Writer, Sovereign Individual, Sangria Drinker, A Psychologically Unemployable Vagabond you can read about at or follow on Twitter.