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Foreclosure Bailout Loan
A Foreclosure Bailout Loan is a mortgage designed to save your home from being foreclosed on by their mortgage company. It is basically a refinance loan on your first and some times taking out a 2nd on your home.
Most foreclosure bailout mortgage loans require at least 30% to 35% equity in your home. Your credit scores and ltv will determine the interest rate. While many potential borrowers do not fall into this category, there are some that do and can benefit. The better your credit score is, the better the rate will be.
States we offer " Foreclosure Bailout Loan "
California, Arizona, Colorado, Nevada, Oregon, Washington and Florida
Each company has different guidelines when they file default but as a general rule of thumb, any time a mortgage goes 120 days late, most mortgage companies will file a notice of default.
When compared to the option of selling your home or loosing the home if foreclosure proceedings are completed, the higher interest rate associated with a bail out is usually the best alternative. These bail out programs are a form of refinance, You still maintain ownership of the property. Our 80% is a lease back program.
In some cases you may be able to pay off additional debts as part of a foreclosure bailout loan. If you have enough equity in your home this may be exactly what you need to get back on track.
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