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Step 1
Figure out how much you need.
How much are you behind in your payments? How much in penalties and fees have been incurred during those months that you are behind? How much does your new refinance loan have to be to cover all of it so that you are no longer behind? Once you have your finger on a number, it’s time to start looking for a lender. -
Step 2
Look for high risk lenders.
Do a quick search of the internet for high-risk lenders in your area. If any offer free consultations, then schedule them. Search for reviews and client testimonials of their service. Just because this needs to be done fast doesn’t mean you should hire just anyone to help you refinance your home. -
Step 3
Speak with a high-risk lender.
Once you’ve found the lender you want to use, then it’s time to sit down and gather all of the paperwork that he or she needs to complete your refinance. They should know what date they need to have this done by, and you should have any necessary paperwork available to them so as not to hold up the process. Many lending firms deal strictly with these types of refinances so they will know the time constraints and many will be sympathetic to the circumstances. -
Step 4
Refinance your home.
Get the paperwork done and the refinance to go through and you’re smooth sailing from here on out. All that’s left to do is close out the loan. -
Step 5
Close out your loan.
Once the loan is closed and the foreclosure proceedings have stopped, then you can breathe a big sigh of relief. -
Step 6
It is very possible to save your home even after foreclosure proceedings have begun by simply taking one step at a time, but moving quickly, to refinance a property in foreclosure through a high-risk lender. Some banks may also take a foreclosure refinance, so it’s worth looking into. Even if this isn’t the option for you, there are other avenues, such as credit counseling or loan modification that can allow you to get caught up on, or even start fresh with your payments and stop the foreclosure.
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Step 7
While you're be sure to take a look around for more tips and information on how to refinance a property in foreclosure. If you need help finding a high risk lender take a look down in the resources area for help.
