Refinancing a home mortgage could be a great way to avoid foreclosure on your home. As you read this thousands of homeowners are frantically looking for a way to avoid foreclosure. However, if you are in this situation yourself do not worry too much. Recently with the huge number of homeowners facing foreclosure lenders and banks are under pressure to be flexible in allowing people to refinance their home mortgage and avoid a foreclosure which is costly to everyone involved. Combine that with the recent drop in mortgage rates and a home mortgage refinance could be the solution you need to save money every month and avoid foreclosure on your home. This is in contrast to just a few years ago when banks would only refinance a select group of people. But these days with the banks struggling to stay in business they would rather settle for a smaller profit than a potential loss and are more likely to refinance homeowners who they would not have refinanced before. A home mortgage refinance can save you money monthly by reducing the rate on interest your loan is at. This extra money and lower monthly mortgage payment could be key to avoiding a foreclosure. Refinancing works even better if you have missed a mortgage payment or have been late a few times. This way your bank knows that this is a serious situation and you are pushed to your financial limits. Mortgage lenders want to refinance and help you, you just have to make the effort to contact them. Call your current mortgage lender or research potential ones on the internet. Explain your situation and desires to them and see what they offer. If it is good enough get a written estimate signed by the lender. Make sure this quote includes any and all fees or costs related to the mortgage refinance included in it. Shop the written quote to different lenders and often they will beat or meet the quote you bring them.

-M Petrone

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