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If you do not pay, then your home lender may foreclose and seek to obtain legal title to your house. However, it is best to check with your lender before doing this since most lenders have regulations on where the down payment comes from. By doing this, you will get an opportunity to qualify for a credit card. The truth of the matter is that the property market is in such a slump and property prices have fallen so dramatically that many homes are now worth less than the mortgages that are outstanding on them. The recent subprime mortgage crisis in the United States has given rise to serious worry for the American banking systems. Mortgage is taken out to purchase a new house or against an existing property. Often, when people get behind on their mortgage payments, their mortgage lender requires a lump sum payment of the arrearage. But what about the man in the street that is facing the prospect of personal bankruptcy, foreclosure and losing his family home and all the equity that he has or had in it. Lowered monthly repayments will ensure you have some extra cash every month. This will happen as long as all your payments have been reported as on time to the credit bureau since your bankruptcy. Sometimes you may get yourself caught in a financial crunch. Further, these borrowers also stand a chance of getting a hundred percent finance. Most lenders prefer to wait until two years after your bankruptcy before considering a person for a mortgage loan. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state. This horrendous situation for a house owner that find themselves in is that if they remain passive and do nothing to prevent foreclosure then they might find themselves selling there property so low that they will be left with such a shortfall that they will have no option but to sue for bankruptcy. Many people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan. You may take a loan in a hurry or get stuck with an uncompromising or fraudulent lender. Most of the people get utterly confused as to whether they should refinance their loan or not. Mortgage loan providers place more importance on current income of such borrowers. When your house mortgage is not paid, your mortgage lender will start foreclosure proceedings to enforce its' claim to your house. However, if there is not such a huge impact, then maybe it is better you do not refinance your mortgage. Many home owners were naive or overly optimistic when they entered the property market and paid inflated prices for property and took on mortgages that were above the borrower's real capacity to repay. However, to get this finance option, borrowers' credit reports must reflect timely payments in these two years. And, most people cannot come up with the lump sum amount. Using this secured loan, you can pay off all your previous loans. However, if there is not such a huge impact, then maybe it is better you do not refinance your mortgage. The bank does not want to foreclose on the property and force their client into bankruptcy. If there is a huge reduction in the interest rate, then you should go in for it.