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Portland Foreclosure Quick Clicks > Government Mortgage Help > Collection Laws in Oregon |
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Foreclosure refinance
New Oregon foreclosure law Get out of foreclosure Making home affordable Home loan modification Refinance |
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 Foreclosure refinance
Refinancing during a difficult time Becoming a homeowner is a great accomplishment, but retaining that home ownership is just as important. Most everyone experiences financial difficulties at some time, but if you’re not careful, those difficulties could lead to foreclosure. Foreclosure is the legal means your lender can use to take your house if you are in default. Foreclosures can be initiated by anyone who has a lien on your house, including your lender or the county (if you don’t pay your property taxes). Foreclosure not only means losing your home, it can cause long-term damage to your credit making it difficult to buy a home in the near future. Unfortunately, there are not many lenders that are willing to refinance a mortgage if you are currently in foreclosure. Loan programs that do refinance borrowers are called, "foreclosure bailout loans." Lenders that are willing to refinance a mortgage in foreclosure but usually will charge a large premium. Rates on such loans are sometime 5-10% higher than conventional loans. Another option for home owners are hard money loans. Hard money loans are typically from private investors, but usually allow for foreclosure bailouts. Unfortunately, the terms on such loans are high that you may bail out of your current financial troubles, but may experience additional problems from the loan that helped you refinance. Hard money loans are best for short-term solutions. Holding a hard money loan for long periods of time is expensive. Hard money should be used as a last option. The cost and expense of refinancing into a hard money loan is great. Foreclosure refinancing options include:
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PortlandForeclosure.com: Portland Foreclosure. Educating the public on foreclosures in Portland and Portland foreclosure related issues. If you are a first-time home buyer, seasoned investor or home owner, you've found the right place to discover. Our online resource and help center on foreclosures is the most extensive foreclosure website in the Portland metropolitan area. We actively update foreclosure data for counties including Multnomah, Clackamas, Yamhill, Washington and Clark County. Location: 1030 NW 12TH AVE #TH4-1, Portland, OR 97209 Phone: Contact Page Email: Contact Page Copyright © 2010, Portland Foreclosure. PortlandForeclosure.com. All rights reserved. Report web site corrections and broken links only to corrections.  Privacy policy.
Disclaimer: Information provided is of public record. We do not guarantee the accuracy. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process. |
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