2007-01-10 16:03:59 - Stop or avoid house foreclosure with a simple refinance loan. Refinance can include car loans and credit card debt to reduce overall monthly payment.

Many homeowners are falling 30, 60 or even 90 days behind in mortgage payments before taking any action to stop house foreclosure.

Homeowners fall behind for many valid reasons such as loss of employment, unexpected medical bills, divorce or separation. Although the reason may be temporary, not taking immediate action can compound the problem and making it harder

to stop house foreclosure.

If house payments are behind homeowners are generally behind with car loans and probably have several credits cards that are at the limit.

A simple refinance loan will stop house foreclosure and would take care of all these troubles. By using home equity all debts would be paid off and the homeowner is left with a clean slate and generally spending less money every month.

An added benefit to a refinance loan other than stopping house foreclosure is the often overlooked tax advantage. Interest on a home loan is tax deductible where interest on credit card debt and car loans are not.

Our office received a call early one morning from a man desperate to save his house from foreclosure. He was already 90 days late on his mortgage and desperately needed to refinance and pull out money to pay off enormous debts.

He had just started a new job where he actually was making less money than before, and was in a real financial bind. His poor credit made it difficult for him to even qualify for a loan, let alone a low interest rate. To make matters worse, the next day he received a notice of default on his property.

This man was worried that his family would have no place to live. He was reassured that we would stop house from foreclosure and assist him through this difficult ordeal.

We began immediately researching ways to help this client and found a lender willing to work with him and save his house from foreclosure just in the nick of time. His mortgage payment stayed about the same but he was able to pay off more than $25,000 in other debts, which alleviated several hundred dollars in credit card payments every month.

More importantly, this man's house was saved from foreclosure and his family was in a much stronger financial position.

'A bank is a place that will lend you money, if you can prove that you don't need it,- Bob Hope once quipped. But when you are going through a bad financial spell, you need an institution that will stand by you.

Banks tend to make loans that are risk-free to them. It is hard to imagine that any bank would have helped him in this situation. But we have ongoing relationships with lenders that specialize in different types of loans. This knowledge allowed us to help a client save a family house from certain foreclosure.

Although we have the ability to help in extreme situations such as this, we highly recommend that homeowners take action long before getting 30, 60 or 90 days behind in payments to stop house foreclosure.

For more information to stop house foreclosure please call 866 398 4664 or go to www.goldmedalmortgage.com/Stop_House_Foreclosure