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Imminent foreclosures may not be stopped by mortgage refinancing

Current mortgage rates are lower than they have been in many years. However, although home values are rising, many New Jersey homeowners fear impending foreclosures. Refinancing a mortgage may provide a remedy for problems with managing mortgage payments -- if the situation is not beyond salvage.

Mortgage refinancing involves the replacement of an existing loan with a new loan that can be negotiated to suit the homeowner's circumstances. There are several reasons for taking such steps, one of which is to refinance at a mortgage rate that is lower than the current rate. This type of refinancing is called rate-to-term. Then again, some homeowners refinance to a shorter term to own the house sooner and save a substantial amount of mortgage interest. If for instance, a 30-year mortgage is modified to one of 15 years, tens of thousands of dollars can potentially be saved.

An increasingly popular choice during this time of climbing home values is a cash-out refinance. This entails a renegotiated mortgage of a higher value loan and the receipt of a cash payout to use as desired. The aim is often to finance home improvement or even to get rid of credit card debt. The possibilities are endless, but this option needs careful consideration because a higher mortgage will mean elevated financial obligations.

New Jersey homeowners whose financial stability have been jeopardized by unanticipated events may find that even refinancing their mortgages will not prevent imminent foreclosures. The most sensible step may be to consult with an experienced bankruptcy attorney. A lawyer can assess a client's financial circumstances and help put a plan in place that is designed to avoid foreclosure and keep the family home.

Source: themortgagereports.com, "A Refinance Wave Is Now Underway", Dan Green Dan, Sept. 2, 2016

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