Posted on 06/28/2021

Can’t Refinance Your Mortgage? Here Are Some Options to Consider: Insights from a Mortgage Company in Maple Grove, Minnesota

3 minute read

Is it possible that living in your dream home could turn into a nightmare? Unfortunately, this is a reality for many homeowners across the country. They desperately try to refinance their mortgage because they can no longer afford their monthly mortgage payments, but their mortgage lender or bank turns them down. Then comes the fear and anxiety: what should I do now? If you live in Maple Grove, Minnesota, and if you find yourself in a similar predicament, we can help.

Below, we’re going to offer some valuable advice on what to do if you cannot qualify for a mortgage refinancing in Maple Grove, Minnesota.

What's in this article?

HAUP Program
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Mortgage Modifications
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HAFA Program
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Other Options to Consider
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Are You Looking for a Mortgage Refinancing Company in Maple Grove, Minnesota?
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HAUP Program

If you are unable to afford your monthly mortgage payments because you have recently lost your job, there is help for you. Some government programs, such as the Home Affordable Unemployment Program (HAUP), can allow you to reduce or even suspend your monthly mortgage payments for a limited period. This should buy you enough time to find a new, stable job or make other arrangements for paying what you owe. This payment reduction or suspension is usually limited to one calendar year. If you are currently unemployed and are a few months behind on your mortgage, you might be eligible for this type of program.

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Mortgage Modifications

Some financial institutions offer mortgage modifications to make mortgage payments more affordable for those who are experiencing significant financial hardship. Even if you do not qualify for federal mortgage modification programs such as Freddie Mac Flex Modification, you may be eligible for those provided by your Maple Grove mortgage lender or bank. Often the services provided by these financial institutions have no restrictions on how much money an individual can borrow or when the loan originated. This can be a viable option for you.

HAFA Program

Have things gotten so bad for you that you are now being forced to give up your Maple Grove, Minnesota home? If so, you still have some options you can consider, and the Home Affordable Foreclosure Alternatives (HAFA) program is one of those. If you qualify for the HAFA program, the federal government will provide you with opportunities to stay in your home. This is accomplished with options that allow you to pay off your mortgage debt without getting your home seized and put up for sale by the bank that gave you the mortgage. If your home is about to be foreclosed upon and you need to relocate, the HAFA program will also help you with moving costs if you qualify.

Other Options to Consider

If you need to sell your Maple Grove home to pay off your mortgage, you can also consider a cooperative short sale. If you are not eligible for a more traditional type of short sale, this type of short sale is a good alternative to foreclosure. With this type of short sale, a financial institution can begin the process of obtaining the required approvals before you even consider listing your home for sale. Like the HAFA program, you might be eligible for financial relocation assistance in a cooperative short sale program. It is worth checking this option out.

Are You Looking for a Mortgage Refinancing Company in Maple Grove, Minnesota?

Are you looking for an experienced and licensed mortgage refinancing company in Maple Grove, Minnesota? If so, Compass Mortgage is here to help you through every step of the process. Contact us today at (877) 793-9362 or submit a form through our website to learn more about your home refinancing options.

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