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Can you refinance your mortgage once foreclosure has started?

Discussion in 'Refinance' started by Warrens10000, Sep 30, 2010.

  1. Warrens10000

    Warrens10000 LoanSafe Member

    hey Loansafe, I was just wandering if you can refinance your mortgage once foreclosure has begun on your home, and was wandering if this would make any difference in how it will effect you at all. Just trying to get some advice as I'm taking any pieces I can right now to put my life back together. Thanks for any help.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thank you for joining the forum.

    Unfortunately, since they have already begun foreclosure proceedings it will be nearly impossible to secure a refinance. To qualify for a refinance you must have impeccable credit and no more than 30-60 days late on your payments within the past year. the fact that foreclosure proceedings have already begun tells me you are probably at least 3-4 months behind or more on your payments.

    However, this does not mean you are out of luck trying to save your home. Have you ever tried applying for a loan modification? with a loan modification you can get basically all the same benefits that come along with a refinance including a lower interest rate, changing your adjustable to a fixed rate mortgage, and bringing the account current by adding the past due to the back of the loan.

    You definitely will want stick around this forum and feel free to join other discussions. Most everyone here is a homeowner just like you and going through the same things.

    Please keep us updated and I wish you the best the luck in your fight!

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