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?
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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