Posted on: 12th Jan, 2008 06:28 am
Post Your detailed question here.
You will need to seek out what is called a foreclosure bailout loan.
This are usually offered by hard money lenders and will result in a loan no more the 65% of the property's current value.
Depending on where the property is located, there are programs that don't care or verify income or credit scores/history.
These only make sense as a "bandaid" approach---whatever put this borrower into the situation (job loss, illness, etc.) needs to be remedied so that they can exit this type of loan immediately after credit repair has been completed.
Regards,
Scott Miller
This are usually offered by hard money lenders and will result in a loan no more the 65% of the property's current value.
Depending on where the property is located, there are programs that don't care or verify income or credit scores/history.
These only make sense as a "bandaid" approach---whatever put this borrower into the situation (job loss, illness, etc.) needs to be remedied so that they can exit this type of loan immediately after credit repair has been completed.
Regards,
Scott Miller
Hey Scott, is this foreclosure bailout loan really helpful? The home owner will have to pay interest on both of the loans at the same time. The house is going to foreclosure because he can't afford the mortgage payments. So how can he afford two loans simultaneously? I think this is just delaying the inevitable and paying for nothing. Is it not so??
Waiting for your replay :)
Waiting for your replay :)
Johny,
I know you posed that question to Scott, but I would like to reply too - I hope that is OK.
Many times people fall behind due to a major life event. Once they get back on their feet, they may be able to resume making payments but are still left with a large past-due balance. A foreclosure bailout can help in that situation.
Also - if the property is at 65% LTV, they just may be well into their current loan. Although the bailout loan is often at a very high rate, it will also be amortized over 30 years so it can in many instances actually lower the payment the borrower is currently making.
I know you posed that question to Scott, but I would like to reply too - I hope that is OK.
Many times people fall behind due to a major life event. Once they get back on their feet, they may be able to resume making payments but are still left with a large past-due balance. A foreclosure bailout can help in that situation.
Also - if the property is at 65% LTV, they just may be well into their current loan. Although the bailout loan is often at a very high rate, it will also be amortized over 30 years so it can in many instances actually lower the payment the borrower is currently making.
