Need to Refinance to Stop Foreclosure?

If you need to refinance to stop foreclosure, you need to understand bank lending guidelines, and if you will or will not qualify for a traditional mortgage refinance. Let's consider the guidelines to qualify for a refinance, but keep in mind that there are alternatives to consider. Such routes include: financial help to stop foreclosure from a private money lender if you do not qualify for a refinance, filing for bankruptcy to stop foreclosure, or loan modification.

Let's consider stopping foreclosure through a refinance. How can you qualify for a refinance in today's tough lending mortgage market? Great question. First, you need to know that if you have made a late payment on your mortgage, you will not qualify for a refinance. There are no lenders available (conventional or FHA) that will refinance your mortgage if you have made a late payment within the past 12 months. Second, do you have equity in your property? Check online home value resources such as Zillow.com and Cyberhomes.com to compare your mortgage loan amount against the current value of your home. If your LTV "loan to value" (Total Loan Amount / Home Value) is above 105%, then you will not be able to refinance because there are no lender available to stop foreclosure through refinance.

Summary: If you have over 105% Loan To Value, OR you have made a late mortgage payment within the past 12 months, you will not qualify for a refinance. You will need to pursue other options to stop foreclosure and save your home such as loan modification or bankruptcy.

If you fit these immediate guidelines, you may qualify for a refinance to prevent foreclosure. If you are currently behind on your mortgage, you can also prevent foreclosure with a loan modification.

We will help determine if you qualify for a refinance to stop foreclosure AND help evaluate the possibility of a loan modification to stop foreclosure. Contact us using the form below to determine if you need a loan modification to stop foreclosure, or need to refinance to stop foreclosure.

Free Refinance and Loan Modification Evaluation