Foreclosure is not a pretty word when dealing with your mortgage payments or dealing with your mortgage in general. With the government set to pass a new housing bill and mortgage rates that are continuing to fall now is the time to refinance especially if you are facing foreclosure.
If you are one of those people that might be looking at foreclosure or might be thinking that is the way to go then you need to get rid of that mindset. If you are hoping that the mortgage rates are going to fall you could be playing game that you will not win. Bad credit might also be a reason you are falling behind and there are ways to get out of debt without claiming bankruptcy.
Right now the current mortgage rate for a 30 year fixed term mortgage with Fannie Mae and Freddie Mac is 6.7 percent. Economists are predicting that the interest rates are only going to keep going up and could be as high as 7 percent by next summer.
The right decision is always hard when trying to refinance. But right now you are far better to lock yourself into a fixed rate and wait out the storm rather than paddling the river after your house is in foreclosure. If you are in an arm mortgage or an adjustable rate mortgage you may want to consider this, the reason being is that if your houses value drops and the rates keep increasing you could be in for a world of hurt if you are not there already.
So what does the bank need to get you into a refinance?
The banks are now being very careful when they are refinancing as they no longer want to see that house foreclosed 6 months down the road. If you have a down payment, good or decent credit and your credit score is over 700 then you won't need to worry about the refinance. If your situation is not that good then you could be in trouble but there are still options for you should you have bad credit.
Now is not the time to hesitate on refinancing your property and finding the perfect low mortgage rate refinance. Stop making the banks richer and go to http://www.lowmortgageraterefinance.us - the most up to date low mortgage rate refinance site.