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Q: What happens when a house goes into foreclosure?
A: Eventually, the house is sold, and the proceeds from the sale are applied to the unpaid mortgage.
Q: How late do you have to be for that to happen?
A: At least 120 days late.
Q: Is there any ending aside from refi where you are able to keep your house (i.e.: bankruptcy). 15 yrs in, can't get refi because of score, just want to know my options should it get to that point
A: Yes, there are a couple of options aside from a refinance. You touched upon the first one, which is bankruptcy. If you were to file a chapter 13 bankruptcy, then you would be able to keep the house so long as you can make your regular mortgage payments and pay back any arrears over a 3 to 5 year period. A loan modification may also be possible. A loan modification can be very helpful because he can result in lower monthly payments. This is generally accomplished by either lowering your interest rate, or reducing your outstanding principal balance, or a combination of the two.
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