December 25th, 2008
Refinancing To Prevent Foreclosures
Right now that the Fed has lowered the interest rates to the lowest level like never before, people are rushing to refinance to prevent foreclosures.
But, not everyone can refinance at this low rate. If you have just lost your job and is already in financial trouble, you will not get the good rate that others are getting with good credit.
You also need about 20% equity in your home as well as cashflow. That means, many people will not qualify for the new rate that is supposed to help. Foreclosure is still a reality for many who are in deep financial trouble.
