Mortgage Brokers Are Contacting Me

If you’re facing foreclosure, you might be contacted mortgages brokers. The reason they are contacting you is because you have enough equity in your home and they believe that they can use that to help you refinance your mortgage. When you refinance, the lender gets their money, the foreclosure process stops and you get to stick around. While the fact that they contact you isn’t reason to believe you’re in the clear, it’s certainly a good sign and one you should pursue.

The one big drawback to all this is that your credit is already suspect because the lender is going through the foreclosure process. While not officially dinged, these mortgage brokers know that you’re having difficulty so the loans you might be offered may have high closing costs and/or high fees. Just keep your eye out and make sure you understand all the fine print before you sign something, you might just be digging yourself into a deeper hole but it’s definitely a glimmer of light at the end of the tunnel.