Denied for refinance? If you have, it’s not the end of the world and there is lots of hope. Lots of it in fact. I’m going to outline in this short article a super easy strategy for getting approved for a loan that could literally save your home.#1 Reason People are Denied Refinancing
Many people who try to get a refinance on their existing mortgages do so without fully assessing their situation. The key thing they ignore is the number of payments (if any), that they’ve missed. What people fail to realize is that if you are missing payments, the lender will see you as credit risk. In other words, if you can’t make existing payments, how are you going to make the new one?Missing payments will be a big red flag and is the number one reason people are denied for refinance. Luckily there is a simple an effective way to get a loan for your home without going the refinancing route,Loan Modification is the Answer
Getting back on track is easy with loan modification, particularly the scheme proposed under Obama. It’s a bit like refinancing, only it’s federally approved and your chances of being accepted are very high indeed. Under the Home Affordable Modification Program (HAMP), people who are facing financial difficulty are a priority.Finding a loan modification company to handle your application is also very important, particularly if you’ve been denied for refinance. There are lots of them who operate online and you can usually get the first consultation free. Here, they’ll take a detailed look at your circumstances and prepare the best application for you.So there you have it; a simple yet powerful exit strategy for anyone who has been denied for refinance. It works, so by all means, try it.