Mortgage Refinancing Process?

Question by bored_at_home: Mortgage Refinancing Process?
I have 2 missed payments and now I am receiving phone calls and letters from banker saying they will foreclose if not paid in full within days. I have not received a certified letter yet, so I am not in foreclosure. I started talking to a broker to refinance my mortgage. Can my current mortgage lender foreclose if I am at the early stages of a refi? So when exactly during the refinance process can my current mortgage lender no longer foreclose on me? During escrow? Once I signed the application? During underwriting?

Another question, who notifies my current lender that I am in the process of refinancing so that they dont foreclose my house? Should I called them?

Best answer:

Answer by hirebookkeeper
Once you are sure you can get refinancing be sure to let your lender know. Before then, call the lender and tell them you are working on getting some money together.

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One Response to Mortgage Refinancing Process?

  1. mighty_whitey says:

    There is nothing to stop your current lender from foreclosing. Just because you are trying to refi there is no guarantee that it will close.
    Since you say you have received calls and letters from your current lender, but ask if you should call them, perhaps you don’t understand how this whole process works. You owe them money! You should have called them months ago, as soon as you knew that you weren’t going to be able to make your payments. Call them immediately and beg them to put your loan in forbearance.
    By the way, good luck finding a lender who will give you a new mortgage with two missed payments in the last few months. You would be better off borrowing enough money to get current and then start making your payments on time.

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