Foreclosure Refinancing

[Rover]

Assume a house valued at $500,000 with a $250,000 mortgage for which a foreclosure suit has been filed.

Obviously, refinancing the mortgage is one way to stop the foreclosure. Does the fact that the refinanced mortgage would only amount to 50% of the total house value mean that refinancing would be relatively easier to get at a lower interest rate than if a, say, 80% mortgage were needed?

[Waldo]

Yup. That is true. In any forclosure the max is normally 65% where there isn't some sort of title change or leaseback involved.

Hope that helps.