For those that are facing foreclosure, FHA refinancing may be an option, or maybe not.  Depending on where you are within the foreclosure process will ultimately determine if you can refinance.  According to this BankRate article, mortgage companies do not want to foreclose on your home.  Could refinancing be an option, then?

First, make a decision about whether you can actually afford to keep your home:  many can not do this.  If all you need is help getting caught up, home mortgage refinancing may be an option to you, but be prepared to actually show your ability to make payments.  If you do not have the proof that you can afford the loan, such as in your income, your credit score, and your current debt to income ratio, you may not qualify for a FHA refinancing anyway.

For those looking for the best mortgage rates do think again.  If you are facing foreclosure, you are likely to pay more on your interest rate than you would if you were simply refinancing.  Nevertheless, it makes sense to give this a try, if you think you can handle the investment.  Will you be able to save your home through mortgage refinancing?  Only you and your banker can determine that.

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