QandAs: Loans

Can I Refinance my Mortgage if my Home is in Foreclosure?

Answer:
There are a number of options for stopping the foreclosure process.

It isn't likely that you will be able to refinance your home if it is already in foreclosure, but it is possible that your current lender may be willing and able to work with you to modify the loan that you have in a manner that may help keep you from losing your home.

If you find yourself falling behind on your mortgage payments, the best thing to do is to be proactive in contacting your lender to request assistance. If you seek help early in the process, you and your lender may be able to reach an agreement on a mortgage loan restructure that will make your payments more affordable. Additionally, if your lender isn't willing to work with you, you are much more likely to find an option to refinance your home before the delinquency becomes severe.

There are companies that specialize in helping homeowners experiencing financial difficulties stop home loan foreclosures. If you aren't able to reach an agreement with your lender or refinance on your own, you may want to seek the assistance of a reputable stop foreclosure specialist. Be very careful and selective when seeking this type of help to avoid being victimized by those who engage in predatory practices.


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