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Is it possible to get a home loan with a lower payment when your current home is in foreclosure? by Steven and Sonja ... from Orland, Indiana. Apr 22nd 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

Nope.. there isn't a lender in this country that would lend to you while you have a home in foreclosure.. in fact, you'll have to wait at least 3 years from the date the property is transferred out of your name to apply for a new mortgage.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 22nd 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

You will not find a lender to give you a chance at a mortgage when you have a foreclosure in process. Think about it... Why would a lender take the risk? You must wait a minimum of 3 years from the date that the current property is deeded out of your name. So, watch that date (sounds like it hasn't even happened yet), get your credit back on track and save some money.

Apr 22nd 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

No... Pretty simple... Lenders look at risk. You are currently presenting to all mortgage lenders the worst possible picture. You are currently in trouble on your current home. No lender is interested in you. After the foreclosure is over, and at least three years have gone by, then, and only then, will a mortgage lender be willing to even consider lending to you again. (651) 552-3681 www.MNBestRates.com

Apr 23rd 2013
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Peter Savino (855411LEND)
#99 ranked lender in New Jersey - 332 contributions

Not a new loan but contact your current lender for a loan modification. There are a few government programs that may help.

Apr 22nd 2013
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Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions

No, not possible at all.

Apr 22nd 2013
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Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions

Not thru a refinance.....contact your current lender for a loan modification.

Apr 22nd 2013
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

Contact your lender for a loan modification.

Apr 22nd 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Modification is your only option.

Apr 22nd 2013
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Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions

I agree with my colleagues, it's loan modification or nothing. Contact your current lender.

Apr 22nd 2013
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Brian Neuwirth (Bneuwirth)
#48 ranked lender in Colorado - 28 contributions

It is not possible to get a new loan while a home is in foreclosure. I would recommend working with your current lender in an attempt to get a loan modification. Depending on your situation the lender might work with you to resolve the issues and in some cases lower the current interest rate to make your home more affordable. I wish you luck and if there is anything I can do please do not hesitate to let me know.

Apr 22nd 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Depends on the rate, the amount of equity and your age.

Apr 23rd 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

It is highly unlikely that you will find a lender that will refinance your current loan when you are in the midst of a foreclosure. However, you should speak with your current lender about getting a loan modification to improve your loans terms and lower your payments.

Apr 23rd 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Yes, depending on what your current interest rate is, with a Hard Money Lender. You'll need lots of equity, and your current interest rate has to be pretty high to lower it, but the possibility exists.

Apr 23rd 2013
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