Learn how to keep your home with a foreclosure refinance.

If your house is in foreclosure, then it is not too late to still be able to keep your home.

Refinancing and taking advantage of government refinancing programs if you qualify for them, can help you stay in your house.

A foreclosure refinance may not be easy, but it is possible.

foreclosure refinance1: Determine Your Needs

How much of a loan do you need to cover your current loans and what you are past due on? Do you have enough equity in your home to cover this need? If you do, then a foreclosure refinance may be your best option.

2: Find a Lender

Finding a lender can be the hardest part when looking for a foreclosure refinance. Make sure that you take closing costs into account, and research lenders who specifically work with high-risk loan refinances such as a foreclosure refinance. You can search online to find specialized lenders.

3: Programs

Once you find a lender, make sure to ask them if you qualify for any of the government programs that have been established to help people keep their homes. Programs like the Homeowner Affordability & Stability Plan or Hope for Homeowners can make it much easier to keep your home.

4: Refinance

Make sure to have all of your financial paperwork organized to make things easier for the lender, and don't drag your feet on any signing. This needs to be done well before the sell date on your Notice of Sale, and this part takes the longest.

5: Close

Once the foreclosure refinance is closed out and the entire loan process is completed then you will have a clean start and not be behind on any loan payments, nor have any penalties or fees to pay still. Those might've been wiped clean, or they could've been rolled into the balance of the new loan.

6: Enjoy Your Home

You successfully refinanced your home while in foreclosure and you now have a clean slate to start with, and this fresh start should not be taken for granted. Work with a budget counselor if needed to make sure that you are spending wisely and can afford the home that you are in.

It can be a tough process to go through, but it is possible to keep your home with a foreclosure refinance if you put the time and effort into getting it done quickly. Time is of the essence but your home can be saved.