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Refinancing your Home when in a Lawsuit

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By : John Cutts    99 or more times read
If you're facing a lawsuit, refinancing your home can be a smart way to reduce your costs, whether you need to pay for legal expenses or you could be held liable for payments due to the suit. Refinancing allows you to take out a new mortgage loan on your home if the interest you pay currently is too high. Interest rates are subject to fluctuation over time, and if you take out a mortgage when mortgage rates are high, it can be frustrating to see mortgages rates lowered in a few years, which can sometimes be as much as a full percentage point lower.

Refinancing before a lawsuit allows you to get a new lower rate, and thus decrease the amount of your monthly payments, saving you money every month. This money can be used to pay your lawyer, or to be used to pay a settlement or damages fee you may incur.

Refinancing in a law suit can also have different advantages, depending on the lawsuit. If you are being sued over a mortgage loan default debt, or are facing foreclosure, refinancing is often your best option. By striking a deal on a lower cost mortgage with a new lender, you can secure a new loan that allows you to pay off your previous lender and be rid of the more costly loan. This can not only stop a foreclosure, but can allow you a better chance of staying in your home for good, since your monthly expenses on the mortgage will be lower.

Many homeowners also choose to refinance their home during a divorce lawsuit, because it can low costs. Divorce often means splitting up assets, and the loss of assets, or the need to pay for child support or the other financial burdens of your former spouse, can mean a serious financial hardship. Refinancing allows you to save money during a lawsuit and free up more disposable income.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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