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Is it possible to refinance a home loan after foreclosure?

Hi there… I need help! We had a vacation property which had to let go into foreclosure. This was around 2 years ago. Now, I own a primary residence in another state whose value is around $1.1M and I have a mortgage on it of $279K with 4.75% fixed rate. I have a good income and never missed any mortgage payments. The foreclosure 2 years back did not affect my score. But I am still not able to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my primary home mortgage. What are my chances? Do I have to wait one more year before trying again?

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Stella,

Refinance is taking out a new loan and replacing the old one. Thus, the criteria to get a mortgage and refinance, after foreclosure remains the same. In order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] refinance after foreclosure, you will have to wait for 3 years or more. Before that, lenders normally don’t agree to give a loan or refinance.

Thanks,

Jerry

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sanderspatricia291's picture
sanderspatricia291 | Joined: December 10, 2012 03:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

There's no question of a refinance after a foreclosure. It's more like you need to take out a new mortgage. However, 3 years is the minimum time required before you can take out one. Make your bill payments on time and try rebuilding your credit in the meanwhile.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Foreclosure must have affected your score negatively. The 3 year seasoning period is true in case of an FHA loan. For a conventional loan [url=http://www.mortgagefit.com/refinance.html]refinance[/url], the seasoning period is 7 years.

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opondo_moses1 | Joined: October 22, 2012 12:16 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Jessica,

Great post.Answers most questions on how long it takes to get a mortgage after going through a foreclosure.
It is also important to note that during the 3 year waiting period one needs to work on improving their credit for instance by paying their debts on time, taking a credit card and paying on time etc.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No, you cannot [url=http://www.mortgagefit.com/refinance.html]refinance[/url] a home loan immediately after foreclosure. Refinancing is taking out a new loan in order to replace the existing one. If you want to qualify for refinance after foreclosure, you will have to wait for at least 3 years or more than that. You need to know that lenders will not agree for mortgage refinancing before that time.

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kate.kelley12 | Joined: March 21, 2012 03:47 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The above post has been made by Kate Kelley.

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johndzialo1 | Joined: August 21, 2012 02:18 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I agree with the posts above that one cannot refinance a home loan after a foreclosure. But if you wait for at least a period of three year then you may do so.

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reversemortgagesss1's picture
reversemortgagesss1 | Joined: April 15, 2013 06:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The Mortgage rules are changing. Consult with a mortgage lender you trust.He will help you in analyzing the options that best suits for you situation.

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have excellent income and have repaired credit by 100 points in a short time how likely am I to get a mortgage?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have excellent income and have repaired credit by 100 points in a short time how likely am I to get a mortgage?

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