If you don't pay your mortgage, you risk foreclosure--your lender repossessing your home and reselling it to recover its losses. If you are facing foreclosure, refinancing with another lender may be an option. Shop around for the best deal, but talk to your lender to see if you can work out a suitable arrangement before you switch lenders so that you can avoid foreclosure.
Credit Requirements
You must meet another lender's credit score requirements for your refinancing application to be accepted. Foreclosure negatively affects your credit score; thus, if you are already in foreclosure, you probably won't be able to refinance your loan with another lender. You may be able to refinance with a new lender prior to entering foreclosure if you are having trouble paying your mortgage but your credit score is high.
Considerations
If you can get a mortgage with a lower interest rate or lower monthly payment than you have through your current lender, refinancing your mortgage with a new lender might be worthwhile. However, if you don't qualify for mortgages that give you significant savings, you might want to look at other options before you attempt to refinance your mortgage through another lender. You may be able to refinance your loan more easily through your current lender or get a loan modification.
What to Do
Contact lenders and explain your situation. Be honest if you are in foreclosure or are about to be. Ask each lender for an opinion as to whether you meet the criteria for refinancing your loan and get several quotes from lenders. Compare interest rates and repayment periods before determining which lender best suits your needs. Avoid lenders that pressure you to apply right away or offer terms that sound too good to be true.
Government Programs
The federal government offers several programs as alternatives to foreclosure. If your mortgage is "upside-down," meaning you owe more on the mortgage than your home is worth, you may be eligible for a Federal Housing Administration short refinance. You also may be eligible for loan modification if your financial situation has changed for the worse and you can't afford to pay your mortgage.
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