Answer: -Your credit score plays a heavy role on the interest rate you will receive for your new mortgage loan or refinancing from your lender. One major factor is how many late payments (30 days or more, 60 days or more is even worse) are on your credit report. Late payments of less than 30 days do not show up. The second major factor is your combined credit rating from all 3 credit agencies. If your credit score is 620 or above you will probably be approved for a conforming loan with a lower interest rate. If your credit score is below 620 you will probably be approved for a non conforming loan with a higher interest rate. Remember the lower the credit rating the higher your interest rate will be. Some lenders accept credit ratings down into the lower 500's.A third major factor is if you claimed bankruptcy in the last 2 years. Most lenders require that your bankruptcy has been discharged for at least one year.Remember, know your credit score before you apply for a home mortgage loan. Knowing this will help you know how much and at what rate you will qualify for. If you have a credit score above 620 I would recommend applying directly through a bank than a mortgage broker so you will not get charged brokerage fees and a bank will most likely give you the best rate.If you have not viewed your credit report within the last year you can get a free credit report (they will charge extra for your credit score) from the U.S Government website at Federal Trade Commission. -It might be better to flip the deal to an investor who is better capitalized.Also realize that helping a borrower in distress might mean helping them move to something they can afford. You did not provide much info so I am not sure what to say beyond this.Two links below provide an overview of the foreclosure process and bank owned property.The info might clarify what is going to work this time.