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My home was foreclosed last year and I now live in an apartment. I own a rental home with a high interest rate and would like to refinance it. Will I be able to do so or will the foreclosure prevent it? If so, how long must I wait before being able to refinance this home?

by BlakeK from Huntington Beach, California. Dec 23rd 2011 Reply


Michael Miller (mikemiller.financial)
#554 ranked lender in California - 1 contribution

It all depends on the lender.Your credit history, abitity to repay, ccash down.Normaly Private lenders have higher rates than the bank, they take on more risk.it is possible.

Dec 24th 2011
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Bruce Conn (BruceConn)
#276 ranked lender in California - 19 contributions

If your present loan to value is no more than 60% you will be able to get a private money loan now. If your current rate is double digit it could make sense. Otherwise, no. If you're debt over equity by more than 10% an the rent is not covering 100% of the costs, you may consider tossing the Lomita house into the fire now. Your credit improvement will be 1 year further away but if you're losing money now there's nothing in the near future that will improve it. Bruce Conn, CALIFORNIA Equity & Loan. 800 696-0696.

Dec 24th 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,823 contributions

There are several possibilities. In most cases, because of your foreclosure last year, lenders will most likely not be interested in helping you, unless you have substantial equity. However, If your mortgage is a Fannie Mae or Freddie Mac mortgage, there may be some hope for you. The enhanced Home Affordable Refinance Program, dubbed HARP 2.0 may allow you as the owner of an investment property to qualify for a refinance. Complete details of the new program have not been released, but may be just the answer you are looking for. My advice would be to find a local Mortgage Banker/Broker, rather than one of the big banks. Unlike the big banks where most of the employees are simply order takers, A Mortgage Banker/Broker is Trained, Tested and Licensed in all aspects of Mortgage Lending. A Licensed Mortgage Loan Originator will be able to help you determine the best options available to you. Make sure you check out the qualifications of your selected Originator at the National Mortgage Loan System at www.NMLSConsumerAccess.org. Good luck.

Dec 24th 2011
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

So much info is missing... is your loan conventional, FHA, VA, USDA... This is the biggest question.. FHA allows you to refinance even if you've had a foreclosure.. conventional can be a problem.. contact a local mortgage broker, not a bank, and inquire with them. They are very familiar with all the lending programs and can match you up with the right one.. WilliamAcres.com

Dec 27th 2011
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Alexander K (alex@ogimb.com)
#397 ranked lender in California - 56 contributions

I have a few questions for you. Please call me at 213-281-1789. Alex

Dec 28th 2011
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Jan 10th 2012
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