Sometimes. A refinance pays off the defaulted loan entirely, which ends the foreclosure, but qualifying while in active default is hard and generally requires meaningful equity.
Conventional lenders rarely refinance a borrower in active foreclosure. The realistic paths are equity-based: portfolio and non-QM lenders who underwrite the property more than the credit score, or in some cases a private or hard-money bridge loan used to reinstate, followed by a conventional refinance after twelve clean months. All of these cost more in rate and fees than the mortgage you have, which is only rational when the equity being protected is large.
The arithmetic to run first: your realistic home value, minus everything owed including arrears and fees, is the equity at stake. If that number is large and your income has recovered, an equity-based refinance can be cheaper than losing the equity at auction. If the number is small, a refinance mostly transfers your remaining equity to a lender in fees, and a sale usually protects more of your money. Watch for the scam version: anyone proposing you deed the home to them "temporarily" as part of a refinance is not refinancing you.
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Educational information, not legal advice. Your own court documents control your deadlines; a licensed New Jersey attorney can confirm what applies to your case.