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mit · Joined: 09 May 2007 Posts: 1 1.21 Dollars($)

Can you refinance if you are in foreclosure?

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi Mit,

It would be difficult if not impossible to find any lender who would be willing to refinance if the foreclosure proceedings have started.

Even if any one agrees the rates offered will be much higher than normal and you would not be able to afford the payments.

Miller

Guest

I agree with Miller, getting a lender who would agree to refinance if the foreclosure process has started. But did you try to convince the lender about possibility of a deed in lieu of foreclosure or a short sale?

Partick Thistle

kenstampe · Posted: Wed May 09, 2007 10:17 pm Post subject:

Mit,

It really comes down to your equity position. The maximum loan to value percentage lenders will grant when a client is in foreclosure is typically 65%. So if your home is worth $100,000 the maximum loan amount would be $65,000. Usually, if you have this kind of equity you are better off selling the home and perhaps refinancing just buys you some time to sell.

If you are in foreclosure you need to consider selling the home, contacting the lender for a workout arrangement to repay the loan, consider negotiating with the lender for a deed in lieu of foreclosure or lilke you asked for....refinancing.

good luck.

jameshogg · Posted: Thu May 10, 2007 1:48 am Post subject: RE: Refinance during foreclosure

Hi Mit,

Welcome to forums.

If foreclosure is ongoing, you may still refinance but that will depend on how much equity you have and whether you can carry on with the loan payments again.

Thanks

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