If I am facing foreclosure, can I negotiate with the bank or refinance my home for a lower payment?

If I am facing foreclosure, can I negotiate with the bank or refinance my home for a lower payment?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: What happens if I cannot pay my mortgage?; Do I have a grace period to pay my mortgage loan? and more...

Yes, you can negotiate with the bank or refinance your home for a lower payment if you are facing foreclosure. First of all, it depends on who is servicing your loan. Regarding negotiating, each lending institution is completely different. As far as refinancing goes, it depends on how many payments that you're late on, because you might not be able to get a home loan once you're technically in default.