Due to the present situation many people are lost their uses and they cannot make its payments hypothecating then they face the uncomfortable one situation to lose its house. But solutions exist, for example if you enjoy good credit, the refinancing of the mortgage could be its better option. It must secure an appointment with his moneylender and secure to a new loan with better interest rates and monthly payments that comply to their present situation. It considers that if it needs money in cash the refinancing would be also an excellent election. If its situation is very critical, and is forced to make its payments in addition it does not have like demonstrating that its financial situation improved in a short term of time.
You intone the best option is the Modification of its Hipoteca. The moneylenders will take the total of their debts and would negotiate their loan having added to him more years to their loan. With the Modification of the mortgage you gain better interest rates, neither requests the more money to the bank, only that its loan it will be by more years, and their monthly payments will comply to their present financial situation. Although the situation of the industry of real estate crosses by a bad moment, if all we lose our houses, this would make worse the situation much more. For this reason the banks and financial institutions are prepared to listen to the problems of the clients and to provide solutions with which both parts see beneficiaries. It is certain that the Modification of Loan is not the best option because could extend in several years its hypothecating loan, but you remain at least in your house, and this gives time him to improve its financial situation, and in the future to think about sizing its situation.