additional options

An equity-based refinance is similar to a traditional refinance except your credit score and your mortgage payment history will not be a deciding factor.  Equity in the property value and monthly household income are the determining approval factors to receiving an approval on an equity-based refinance, not credit score or mortgage payment history. Typically, an equity-base refinance will require the appraised value of your home to have at least 35% equity.  Secondly, the combined household income will be used to determine if the payments for the equity-based loan are affordable. 

 A Private Money Refinance is a refinance with a private individual, rather than a bank or lender.  Generally, you will need a minimum of 25% equity and we have seen rates as low as 8% with a private money refinance.  Even if you don’t have enough equity, we have seen lenders agree to a reduced payoff amount to allow a refinance.  Our housing counselors may be able to negotiate a lower payoff amount if we're able to secure funds from a new lender.

Even when you find someone that says they can get you approved, you still risk losing your home at the last minute.  Mortgage brokers are notorious for telling homeowners they are approved, only to turn them down at the last second with a looming auction date.   

We have a group of trusted lenders that can determine if you're qualified for a foreclosure loan typically within 48 business hours so that you are not strung along into the "11th hour" when the bank is ready to take back your home.