Are you struggling to make your current home loan payments? Know your options!
1. Refinance: If you are behind on your mortgage payments, you may wish to refinance your loan. This is only possible if you have equity in your property.
2. Sell your property: By selling your property you can preserve any equity you have acquired. In the event your mortgage is higher than the value of your property, you can still sell your property. This is called a short sale. This can save your credit from a foreclosure. You can contact HUD (800-762-1811) or Exchange Realty (661-327-5168) for more information on short selling your home. You can also go HUD.gov for more valuable information.
3. Note Modifications: A note (or loan) modification is like a refinance with the exact lender that already has your loan. This is a good option for someone that has no equity in their property but wants to keep their home. To modify your loan you will need to contact your lender directly. If your home loan is with Bankers Financial Group or Bankers Home Loans, you can call us at (661) 327-4663 and ask for the loan servicing department.
Financial documents needed:
1. Your last two years of tax returns
2. Detailed current income information
3. A hardship letter
