your property, and your property is Valued at $200,000 or more, you are probably qualified for a foreclosure refinance, and you can save your home from the auction block if you act quickly. Again, this is a rule of thumb. Sometimes, you may be able to get away with having a little bit less Equity, or a little bit less Value, and in some states you will need much more Equity and a much higher Value to qualify for a refinance in a foreclosure scenario. If you have two mortgages, a first and second, you still may be eligible for a foreclosure refinance if you meet one or more of the following conditions: 1. The Balances of your 1st and 2nd mortgages added together amounts to less than 70% of the Value of your home. 2. Your 2nd mortgage can be "subordinated", or kept in place while you refinance the 1st mortgage. I can't emphasize enough the importance of acting as quickly as possible to save your home through a foreclosure refinance. The foreclosure clock starts ticking from the day on which you receive a notice of default or on which you become 120 days past due on your mortgage payments, and it can move very quickly. While most foreclosures don't get to the stage of a property auction, sheriff 's sale or trustee sale in which you will lose your home until about 120 days from the recording of the NOD ( Notice Of Default ), in many states this can happen much more quickly, as fast as 60 days. While you delay, your mortgage company's payoff balance, (the amount required to cure the default and prevent foreclosure), will increase as legal fees and interest pile up, eating away at your Equity and robbing you of the ability to refinance out of the foreclosure. It's easy to feel lost, almost paralyzed by the shock and fear of losing your home, but if you are serious about saving your home from foreclosure, get on the phone and call me as quickly as possible. I have a lender that may be able help. Don't waste time talking to lenders and brokers who don't know the foreclosure refinance process inside out, there are simply too
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