Are you having a hard time refinancing your loan? Have you noticed that interest rates are fluctuating like crazy? Well, unfortunately, the real estate market is going nuts these days trying to find the top, the bottom or just some sense of stability.

Recent news coming out of Mortgage Finance magazine confirms that recent spikes in mortgage rates have consumers wondering whether they have missed the chance to refinance. After months, and almost years, of incredibly low interest rates, the declining rates seem to be at an end. However, no one knows what the situation is, and it has the entire industry in flux once again.

For example, some in government positions are saying that the housing crisis is almost over, while banking titans and Wall Street financial gurus are claiming the opposite. Mortgage interest rates are up one day, down the next, and homeowners are being slammed in the process. The interest rate you get this week might be worse than what you could get next week.

Solutions

If you are trying to refinance because you are in a difficult financial situation, a loan modification might be the answer you are looking for. Refinancing your house is incredibly difficult, especially if you have bad or poor credit. If you have not stayed on top of your credit score, or if your current financial troubles have affected every area of your life, refinancing might not be the option for you. A California loan modification does not hinge upon what your past credit score is, it hinges more upon your ability to continue to make payments throughout the course of your loan. If you have a subprime mortgage with payments that are ballooning, a loan modification might be a more effective avenue than refinancing.

Fluctuating interest rates means that lenders might just sit back and allow the rates to fluctuate until it serves them best. If this is the case, you could be stuck with a terrible interest rate for months, or even years. With a loan modification, you could hire a loan modification attorney to work on your behalf to get your interest rate lowered to something you can afford. As opposed to a spiking subprime interest rate, you might be able to get something substantially lower and/or a fixed interest rate. Either of these could go a long way towards lowering your monthly mortgage payments and giving you more financially flexibility and stability. Many analysts are stating that the interest rates will spike heavily once the government’s efforts to buy mortgage-backed securities ends. Any efforts to kick-start the economy will collapse if that happens, and refinancing will be near impossible.

A California loan modification attorney might just be your new best friend. They have options available to you that you may not have explored, or even thought about. While refinancing at times can depend upon the mood of the banker, a loan modification attorney will work aggressively to get you terms you and your family can live with.

Avoid the fluctuating interest rate game and contact a California home loan modification attorney today!