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Foreclosure Loan
The term foreclosure loan can be used to describe 3 different types of loans to avoid foreclosure: - Homeowners with a lot of equity in their house may be able to use a hard money lender to refinance their loan. The advantage hard money lenders offer is that they lend based on your property and don't care as much about your credit. However, they charge high up-front fees and very high interest to do your loan. You may be able to save your house but only temporarily because your monthly payment will now be a lot higher than it was.
- There are investors out there willing to lend you money to pay up the amount you are in arrears. Although they charge high interest rates, because they are only lending you money to cover a few months' payments, these loans may work out well for you. We will have more to talk about these types of lenders in the future, so check here often.
- Finally, for homeowners with FHA or VA loans, the government itself under HUD may be willing to lend them money to bring their loans up to date. HUD does this on a case by case basis, but this is something to keep in mind if you have a government loan and are facing foreclosure.
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