Who Qualifies for a Refinance Option while in Foreclosure?
Unfortunately, not everyone with a house in foreclosure will qualify for a refinancing option. Homeowners who have already paid a fair amount of their mortgage debt qualify for refinancing options while their homes are in foreclosure. Those who have paid 25 percent or more of their mortgage typically have a good chance of finding a refinance option. Anyone with less than 15 percent equity, however, will have a much harder time finding a lender willing to take this risk. Refinance with HASP while in Foreclosure Predatory lending practices, high unemployment rates and a global recession have greatly increased the number of foreclosures. The Obama Administration created the Homeowner Affordability and Stability Plan (HASP) to help mitigate the economic impact of foreclosures. Those who qualify for HASP assistance might have the option to refinance a house that is in foreclosure to make payments more affordable. Qualifying homeowners typically have a small amount of equity built up and spe
