Denied for Refinance

Millions of homeowners are being denied for a refinance due to recent or current late mortgage payments. Late mortgage payments within a 12 month period are a major red flag for lenders and with the current credit crunch it is nearly impossible to refinance with late mortgage payments. What can you do if your mortgage is late and you need to refinance?

If you have recently fell into a financial hardship there is an alternative to refinancing, it is called loan modification. It is really the new way to refinance with bad credit, mortgage lates or negative equity due to declining home values.

Mortgage refinance denials are at an all time high. When you pay your mortgage late it will lower your credit score drastically and the lates may put you closer and closer to foreclosure.

To avoid foreclosure you can retain a loan modification attorney. A loan modification attorney knows your foreclosure rights and can negotiate with your lender. What can they negotiate?

Here is a partial list below.
- Lowering your current monthly payment.
- Lowering your current principal balance.
- Removal of all late payments.
- Removal of all late fees.
- Payment due date.

A loan modification attorney can actually achieve a better outcome than refinancing a mortgage with bad credit. Shopping for the right loan modification company can be overwhelming. MyLoanSavers.com makes the process simple by placing you with tested and qualified companies in your area. Each company under their network can provide a free loan modification consultation and explain the process. You may need the following documents and information to expedite the process.

Partial list of items needed for a loan modification:
- Last mortgage statement.
- Bank statements.
- Paycheck stubs.
- Breakdown of all bills including utilities, car notes, insurance and more.

If you have been denied for a refinance ask MyLoanSavers.com about loan modification. The information is free and there is no obligation.