If your house payments are more than you can afford, you may have some of the following options available:

Refinance – If you have good credit and you owe less on your home than it is worth, a refinance could be a good option. The cost of a refinance is usually 1% to 2% of the loan amount. To refinance a $300,000 loan amount, the cost could be approximately $3,000 to $6,000 plus fees (ask your mortgage professional).

Loan modification – Credit doesn't matter. Behind in payments is okay. It may be possible to have your back payments added to the loan amount and get your interest rate lowered. The loans are usually modified for a period of 5 years or 30 years. The cost of a loan modification is usually much less than the cost of refinancing.

Balance reduction – If your home is worth less than you owe you may also be eligible for a balance reduction.

Moving – Not only will it be a challenge to rent with bad credit, you will have to come up with first and last months rent and all other cost associated with a move. The loss of your home could be expensive, not to mention the emotional issues. It could be years before you qualify for a home loan again.

Other considerations – Even if you let your home go you may still be responsible for the difference between what you owe on your property and what the lender recovers. You may need to consider other options, such as, deed in lieu of foreclosure or a short sale. There may also be tax liabilities as well (check with an attorney).

Results matter - You'd be amazed at the modified rates homeowners are able to get. Under the President Obama Program homeowners have received fixed step rates as low as 2% with terms as long as 40 years.

People that owed more on their property than it was worth, were behind on their payments and could not get a loan anywhere, now have a loan they can afford and are able to keep their homes.

DO NOT DELAY ANY LONGER. THE PROBLEM WILL NOT GO AWAY BY ITSELF.

Let the professionals at Mortgage Rate Reduction Services help you get a fresh start.
Call today 888-766-6343!