With Short-Sale Offer Refused, Foreclosure May End Up The Best Option

The only way to save the most money (and know for sure you’re getting a good deal) is for at least two of these to be true. The best scenario is when you’re lowering the interest rate, lowering the monthly payment and shortening the term of the loan.
 

While renewing for a 30-year term might make sense for some people, you’re not maximizing the amount of money you can save.

If you have already paid down eight years of the loan, you’ll actually lose money in almost every scenario if you stretch the loan term back to 30 years. For example, if you have 22 years left on your loan, shortening the loan term to 20 or 15 years (preferably 15) means you save years of payments on the mortgage. That translates into thousands of dollars.

Click Here to Read:  With Short-Sale Offer Refused, Foreclosure May End Up The Best Option...