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Terrence - January 13th, 2009 10:10 PM

I have a fico mid score of about 540 however I am currently in foreclosure with my current lender. I got behind due to my wife's illness. I need to refinance. My home's value is around 265,000 and I owe 209000 on the 1st and 16000 on the second. I make 72,000 a year.


Damien Barber - October 17th, 2008 11:32 AM

I believe this is because the property must be sold for a minimum amount to cover the mortgage, back taxes, etc and if the highest bid is not enough to cover all that then the bank must outbid. Usually this problem is averted by stating the bidding above all the costs involved though.

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