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Since the global credit crunch swept across the UK last year the cost of borrowing has rocketed in all areas of the financial sector, particularly mortgages. We have seen the interest rates on mortgage rocket, and this is despite three recent base rate cuts from the Bank of England between December 2007 and April 2008. However, whilst the base rate has been cut lenders have continued to hike up mortgage related costs, which means that many borrowers have not benefited from the base rate cuts.

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Few people purposely wish to suffer through the pain and humiliation of losing a home through foreclosure. There are many alternatives to bankruptcy and stopping home foreclosure for owners unable to keep their mortgage payments current. One such option is known as a “short sale.” It means a lender is willing to accept less than the total amount owed on the loan. One key element involved in the short sale process is the hardship letter.

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1. Don’t abandon your home, if you can still afford the monthly payments, your lender does have loss mitigation to assist you with a workout plan.

2. Do not use so-called “ Foreclosure Assistance Websites” these sites are worthless and run by scam artists who don’t know how to save your home and will run with your money.

3. Don’t be so quick to sale your home through a Realtor or short sell through an investor if you want to stay in your home. Your lender will work with you if you qualify for a workout plan.

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Consumer credit card debt is at an all time high in America. With so many home owners financially leveraged to the breaking point and mortgage rates still at all time lows a mortgage loan refinance and debt consolidation loan go hand in hand. Although many people are not sure what type of mortgage to use for their mortgage loan refinance and debt consolidation. Choosing the wrong loan could end up costing you more then it should! So what types of loans can you use when consolidating debt or refinancing your mortgage?

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These days with the mortgage industry being the way it is, mortgage brokers and loan officers may be finding it tougher and tougher to close deals for people with poor credit.

Although avoiding poor credit mortgage leads all together may not seem like such a bad idea these days for some loan officers, all may not be lost.

If you are willing to reconsider the purchasing of mortgage leads with poor credit, here are a few things to look for.

For starters, look for a mortgage lead company that allows for you to view your mortgage lead before you buy it.

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