I am 3 months behind on my mortgage & they are trying to foreclose, would refinancing help me?

Question by Shannon K: I am 3 months behind on my mortgage & they are trying to foreclose, would refinancing help me?
I really dont want to loose my home

Best answer:

Answer by katherine n
if you are three months behind,chances are you couldn’t refinance anyway.
seek legal protection as the illegal immigrants do.
if the demoncrats want to give mortgage protection to them,they should give it to an American citizen.

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7 Responses to I am 3 months behind on my mortgage & they are trying to foreclose, would refinancing help me?

  1. J. Philip Real Estate says:

    Refinancing will delay the inevitable, because the terms on the new loan, if you even qualify, will be horrendous. You cannot borrow your way to prosperity, unless you get an asset in return for the loan.

    It is unlikely you’ll even be approved with 3 recent late payments.

    If you are able to somehow get refinanced, the rate will be terrible, the balance will be higher because of the closing costs, and your payment will therefore be worse than it is now.

    I have seen some people years ago get a “straw man” borrower to refinance under, but that is now both fraudulent and illegal under federal equity theft prevention act guidelines.

    My best advice would be to get a part time job, make extra payments, and negotiate with the bank to put the back payments at the end of the loan. If you keep current for a year, you ought to be able to refinance under better terms and a lower rate, and that might lower your payment (get a FIXED rate) and lighten your burden. It is a vicious circle you are in, but it is managable if you work hard and smart.

  2. bob W says:

    best thing to do is just walk away. You could not refinance because you are already behind on the payments.

  3. Landlord says:

    I doubt you will qualify for a loan, your credit is pretty bad.

    Your best bet is to sell the house ASAP. Call your mortgage company and try to work something out with them. Because you are already so far behind they may very well just continue with the foreclosure, but you might be able to get a month to try and sell. It is too late for a short sale.

  4. src50 says:

    You won’t be able to refi. You should have already been talking to your current lender about a possible loan restructuring.

  5. bigtomobeirne says:

    hi,re financing is not great,it gets you deeper,longer time to pay your mortgage,3 months seems a very short time for them to want to foreclose?can you not come to some sort of arrangement?pay something of the back-log,as your paying your normal mortgage, have a chat with them,see what they say,hope this helps in some way,tom.

  6. *baby*2008* says:

    i really think it depends on what type of loan you currently have. Is it adjustable, or fixed. If you already have a fixed loan I agree with most people who have already posted in regards to you having a hard time refinancing and not being too upside down to be able to afford it. But if your current loan is an adjustable and the payments keep going up every month, you may be able to refianance and get into a fixed rate loan to where your payment will be more manageable. Also refinancing will depend on how much equity you currently have in your home. If you owe way less than what your loan was structured for, it will allow some room to make up the extra payments, and keep your payment manageable. I would suggest contacting a mortgage company in your area and seeing what they can offer you. It never hurts to ask, and no bank really wants a foreclosed property, so they may even be willing to work with you. Don’t give up yet, make some phone calls, and see where you are at

  7. davidlitterick says:

    First of all, unless you have a loan to value of 65% or less, it is unlikely that you will be able to refinance.

    It all depends on why you are behind.

    If you have a specific reason that can be resolved, but you are in a short foreclosure state, ask for a special forebearance where a lender will hold the foreclosure in abeyance for 6 months until you sort yourself out. you will be required to make payments to them of some sort.

    If you have already resolved your situation and you can afford the loan but not the backpayments or the attorney fees, ask them to do a partial claim if it is an FHA loan, or ask them to get the PMI company to do the back payments.

    If you are behind because of an adjustable rate mortgage, FHA Secure is a new program designed to help you.

    If you just cannot afford the mortgage, walking away is not the solution. You need to do what you can to salvage what you can. If it is a long foreclosure state such as NY, then you have the luxury of time on your side – as much as 12 months before the auction. Save your money and try and resolve your situation. If you are in a short foreclosure state, and you cannot afford the house, then call the house and ask them to hold off the foreclosure until you sell it. Some lenders will do this and buy you time, under special forebearance again. They would rather someone be in the house while it is being sold than have a vacant house where the vagrants of the world can steal all the copper piping and trash the place.

    Whatever your situation, this is also the lender’s situation and the best thing you can do is stay in constant communication with the loss mitigation department. Do not mess with collections – ensure you are talking to loss mitigation. And remember first line loss mitigation you get on the phone are $ 12 an hour lackeys who have no authority to do anything but take your case to a negotiatior. Get to the negotiator or asset manager who is handling your case, although this is far more difficult than it ought to be.

    All the best to you.

    David Litterick


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