refinancing for my home

I never heard of this. Why would they foreclose if you're not behind on your payments? What do you mean by "renewing your mortgage"? Who is holding the note on your property?

Never heard of this either. As long as you are making the payments and on time also, what is the problem?...Jan

Many borrowers find themselves in Grant's situation. They may have agreed to a balloon loan. A loan with a 30 year amortization but the balance is due in total on the 36th or 60th payment. Other loans are interest only for a period of time and then either are due in full or payments must be made to fully amortize the loan over its remaining term. When the loan is due, the lender has no obligation to extend or rewrite it. Those types of loans were very desirable when property values were going up and credit was easy to get since the monthly payments were usually low, the risk is being able to refinance when the short term loan matures.

The loan started out as a 3 year adjustable loan...at the end of three years both sides had options of renewing loan....from there we went another three yr term....(this is interest only) then they agreed to go in 1 year terms....when I lost rental properties (see The Quest in journal section)..renewel time came around and they said now, the income from my rental properties was gone and my debt/income ratio did not fit their criteria. They did give me 6 months to find financing or they foreclose.....originally, the idea of the loan was for materials on a house that we bought to flip.....unfortunately, it was about the time real estate world took a dive and the house just sat for a year and a half....we went on and rented it, and now we've lost it......unfortunately, we had put our own home up as collateral......
Anyway, if anyone has any lines on where I may be able to try to obtain financing, please let me know....my clock is ticking.....thank you all so much.

I'll pass your information onto them