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Alternatives to Foreclosure

Posted on in Bankruptcy Attorney

Today, we will discuss an alternative to foreclosure that may not be available to everyone, but is nonetheless an excellent option if you qualify for it. Refinancing your home requires good credit to qualify and your lender will also consider aspects such as income, assets, debts, and current value of the property. Refinancing can be considered for a number of reasons. These include lowering your interest rate, adjusting the length of your mortgage, changing from an adjustable rate mortgage to a fixed rate mortgage or to get an adjustable rate mortgage with better terms. Refinancing fees can greatly vary by lender, but they can amount to 2% to 6% of your outstanding principal.

If you think refinancing is an option for your property, please talk to one of our many qualified attorneys that can help walk you through the process.

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