Do You Qualify for Mortgage Refinancing?

For a homeowner, nothing can be more distressing than the prospect of losing your home and the interest you have put into it. Each year thousands of people and families may have to face foreclosure due to loss of employment or an injury, accident or illness that depletes income meant for house payments. Sadly, many people are forced to leave their homes due to tight financial woes, yet in some cases this would not have to be necessary.

As there is an array of reasons one might find himself in such a predicament, each homeowner's case is unique. There are options available that can prevent foreclosure. A homeowner needs only to know whether or not any processes apply to his case. Therefore it is important for a homeowner in danger of foreclosure to fully assess his situation and determine what can be done to prevent losing the house in which he has invested so much time and energy.

Do you qualify for mortgage and loss mitigation assistance?

This brief, simple self-evaluation is designed to help homeowners determine the best course of action where foreclose is concerned.

1. Are you able to make your regular mortgage payment now?

Do you have a cash reserve or another means of making one more payment?

2. Can you make your regular mortgage payments consecutively?

If you are able to make one payment, will a second one be possible?

3. Are you currently living in your home?

4. Have you recovered from the financial hardship that caused you to get behind?

If you were unemployed, have you since found work? If you have experienced illness or accident, have you been able to recover well enough to cover your debts?

If you find yourself in danger of foreclosure, yet can answer "yes" to the above questions, there is the possibility you qualify for mortgage relief assistance. The one positive, too, is that even if you have let some time lapse before foreclosure you can still enlist the aid of a loss mitigation counselor to help you with your situation. But don't wait much longer. If you wish to save your home from foreclosure and have the means to stay afloat, do what you can and seek assistance of a professional who can keep you in your home.