I’m currently in foreclosure. My credit has taken an awful hit due to divorce. Is refinancing an option?
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Tagged with: credit • currently • Divorce • Foreclosure • OPTION • refinancing
Filed under: Foreclosure
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If you’re in foreclosure already, refinancing is probably out of the question.
Forget refinancing that is a fools game. Call the bank that holds your mortgage note. Ask to speak with their loss mitigation department. Tell them your situation. Tell them you are not interested in loosing your home. Tell them you want a work out plan.
They will typically do a wowrkout plan which is like a refinance… except… no prequal, no fees, lower rates, non adjustable….
its really the best way to go… its too bad the only way to qualify is when you are in your current situation. Otherwise I would try to do it.
Refinancing is always an option, but to get good interest rate you need a very good credit score, which is not the case in your situation.
Also, you’d need to do it very fast, before your lender forecloses, which is almost impossible to do with low credit score.
I’m sure you’ll get some offers here from “lenders.” I’d be very careful with such offers…
You would have better luck winning the lottery.
The only exception is if you have alot of equity in your home. Which is highly doubtful since you would chosen to sell it rather then get evicted.
if your credit is shot it will be difficult can you sell the property how far back in your payments are you ?? if you talk to the bank you can give them the house in LIEU OF FORECLOSURE that is the term your credit will be saved and then you can begin again. talk to the bank dont run away it is probably the most important call of every day
You most likely will not qualify for a refinance. However, there are several other things you can do.
Try working with your lender. Give them a call and see if you can work something out. However, because they have already started the foreclosure process – it may already be too late for this.
You can still try to sell your home – and if you have equity on it, you may be able to satisfy your obligations. However, if you don’t have any equity in your home, you most likely will have to sell it short which requires bank approval.
Check to find out how long your redemption period is. That is the period of time between the Sheriff’s Sale and when they come and kick you out. In my state, it can be as long as 6 months. You might be able to find someone to buy the home and avoid going completely through the foreclosure.
Find a good REALTOR in your area who works with people in foreclosure. They can be a tremendous help. Many REALTORS work with investors who may be interest in purchasing your home.