Can You Refinance While Your House is in Foreclosure?

By Marj Schneider

Are you wondering if it is possible to refinance while your house is in foreclosure? This is a valid question. You should exhaust every effort to save your home no matter how far into the foreclosure process things have gone. The government has given money to lenders and there are programs available now that were not available even six months ago.

The truth is you are going to have a hard time refinancing while you are in foreclosure, but a loan modification is not out of the question. Many people became victim to subprime lenders and ended up with high interest rates or mortgages rates that are not fixed. As a result, the payments may have increased and are no longer affordable.

Federal loan modifications are going to keep many Americans in their homes. As long as you can prove that you can make a modified loan payment, chances are good that you will be able to stay in your home. The process of applying for a home mortgage modification is very similar to when you applied for your original mortgage.

It is important that you have a plan in place to present to your lender. They are going to want to know what caused you to fall behind on your mortgage payments and what has changed that now allows you to make your mortgage payments on time. Your lender is going to want to make sure that you are able to meet the new terms of your loan modification. Your home is worth fighting for and you should explore all avenues when it comes to saving your home.

The most difficult part of finding foreclosure bailout lenders is knowing where to start. Many homeowners are overwhelmed and are wondering where their next payment is coming from. But the necessary information is available. It is a matter of knowing where to look for that information. Are you wondering if you qualify for a federal loan modification or what you need to get approved for a loan refinance? The loan modification fact center contains a thorough explanation of what it takes to qualify for a loan modification program as well as all the forms that are required for filing for a federal loan modification. Get a complete breakdown of all your loan modification options as well as their positives and negatives of each alternative. Get this detailed home loan modification guide that can keep you in your home.