Avoid an Auction Strategy:
Active Income - Less 6 months Delinquent
In some rare cases, you may be able to refinance the loan through another lender to get a fresh start. It may be difficult to refinance a delinquent loan with traditional institutions, however many private institutional and investment companies may offer asset-based loans to assist.
Benefits of Refinancing
Builds New Relationship
Refinancing the loan with another lender provides you the opportunity to erase the negative past with the previous lender and start a new relationship.
Refinancing will enable you to potentially access and draw out equity to help assist with other financial needs.
To state the obvious, refinancing the loan pays off the current loan and halts any foreclosure actions to allow you to keep your home.