Ways to avoid Foreclosure
Your first step should be to run the numbers on our web site to see if conventional subprime lenders can provide you with the loan you’re looking for and get an idea about rates, payments and closing costs. Then, if necessary, use these numbers to negoitiate with hard money lenders to find the best and safest way to save your home.
Hard money lenders are perhaps the best way to get financing when in foreclosure in case you have equity in your home and do not qualify for any of subprime program available. Hard money lenders make relatively short term (12-24 month) loans to people in foreclosure. These loans are often funded by pools of private investors that have been grouped together into a pool of capital by a lender. The hard money lender is willing to take more risk in the form of easier lending standards.
To avoid a trap of loosing a title on your property at the end of the contract, read all disclosures carefully and do hard money loan only if you beleive you will be back on track, can sell or refinance your property before the end of the contract. Always consult your financial advisor before you sign the deal.