Bankruptcy happens when an individual or a business entity is incapable of paying creditors. One can go to court voluntarily and file a petition or it can be done by the creditors. Once a petition is filed, a trustee or bankruptcy officer whose duty is to monitor the bankruptcy procedures is appointed by the judge. For individuals filing a petition, they must go through credit counseling whether they are sure or not of coming out of the situation.
Most people think that they cannot refinance their mortgage once they are faced with financial difficulties. However, this may not be entirely true, the reason being that one can refinance a mortgage even after facing bankruptcy. The dictionary meaning of refinancing is borrowing money to pay off a debt. In this case it is almost like replacing the old mortgage with an entirely new one. The difference is that the new one comes with a lower interest rate.
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Refinancing after insolvency is advantageous in that it comes with lower interest rates, making it easy for the individual to pay less at the same time make some savings. It is also very easy to find lenders willing to refinance your mortgage. This is because, there is less risk involved in the refinancing of the mortgage.
This is an easy and less tiresome process since lenders are even willing to refinance a mortgage online. This can be done within twenty four hours after they have received your application. They are also in a better position to advise you on the most applicable refinancing package.
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