It is entirely accurate to say that shockwaves from the financial crises of 2008 are still being felt today. Nowhere is this more obvious than in the ongoing issues in the housing market. Though millions of homes have been lost to foreclosure, the financial industry has created effective methods for homeowners to regain control and retain ownership of homes at risk for loss. One of the best paths cleared for many is mortgage refinancing, but it is not for everyone. That is why you need to discuss it with your Streamwood real estate attorney if you think you are facing trouble.
Avoiding Foreclosure
Regardless of precisely where you are in the entire foreclosure process, there are many ways you might still halt it and get back on track. Opting to refinance the mortgage means that you are replacing that original loan (the one that is associated with the foreclosure) with a new one. This new loan can be redesigned to fit your current financial situation, and typically at a better interest rate. Some refinancing arrangements can even allow you to get the cash for any equity that exists between the amount of the mortgage and the actual value of the home.
Getting Started
How do you know where to begin? That is the time to sit down with a knowledgeable Streamwood real estate attorney who can review your options. Just as with almost anything else in life, refinancing a mortgage is going to have its fair share of pros and cons as well as possibilities and impossibilities. It is only by working first with a real estate attorney that you can determine just what is possible based on your situation.
Benefits of Refinance
While many people can work to pay off debts and get a new mortgage with a more affordable monthly payment, not everyone is going to qualify. Your attorney is the ideal person to help you weigh potential cons against the pros and steer you in the right direction. After all, refinancing the mortgage can get you a lower monthly payment, lower interest rate and keep you permanently on track. However, your Streamwood real estate attorney may be able to point out that refinancing might be extremely expensive or require a greater amount to be repaid.
Where to Turn?
How do you know the right path? Give the Jackson Abdalla Law Group a call today at (773) 550-3853, and we can help you make the most productive decisions about your mortgage issues.
