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Can I refi my current FHA loan, IF I have another home in the foreclosure process?

Both of my loans are with B of A.  I have a condo that I have not paid a payment in TWO years, but is taking very long to foreclose.  I'm am in a new home (I have a co-borrower) with an FHA loan. I would like to refi, but not sure if I will qualify??
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December 17 2010 - Vacaville
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Answers (4)

No sugar coating miss707. the answer is a red NO
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December 24 2010
I have serious doubts that it will happen.  I can tell you do as well or you would not have asked.  I am sure you will get your answer quickly.
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December 18 2010
It may be possible, but; it will be up to an underwriter to determine if your eligible. Your credit scores and debt to income ratio's will be scored and the property in foreclosure will count against you. Contacting a competent local lender in your area will help determine the right answer.
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December 17 2010
Hasn't your credit score been hit hard by not paying the mortgage?  I can't imagine that you will qualify, but you should speak to a mortgage lender who will have access to many different programs.
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December 17 2010
 
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