Refinance While House Is In Foreclosure
You can refinance while your house is in foreclosure. Refinance is a good option to avoid foreclosure but there are other options available too. So if you have the question in your mind whether it is possible or not to refinance while the house is in foreclosure to avoid foreclosure, the answer is pretty simple.
You can refinance your mortgage while your house is in foreclosure but only if you met certain conditions. Say for if you have more than 35 percent of home equity then you are a good candidate to refinance your mortgage even when your house is in foreclosure.
So call your current lender and check out whether he is willing to work out the refinance plan with you. You may contact other mortgage lenders too to check out who can provide you the best rates and terms but you should first contact with your present lender as it will be easier for both you and your lender to work with each other.
What are the benefits if you refinance while your house is in foreclosure?
There are so many advantages that you will enjoy if you can be able to refinance while your house is in foreclosure. First and foremost is that you will be able to avoid foreclosure which might have a great negative affect on your credit report.
The second advantage is that; your will not be behind on your payments and you can be able to start a fresh. And as a bonus you may be able to refinance your mortgage with a lower rates and better terms. So what can be better than that. But after you refinance the mortgage; make all the mortgage payments on time because you may not get a second chance ……… right