Although foreclosure rates have decreased over the past several months, there are still some homeowners living with the threat of losing their homes. Many of these people have tried everything at their disposal to stop a foreclosure on their houses, to no avail. The following information will provide knowledge of the available loans to prevent foreclosure and how to obtain one.
Phoenix, AZ -- (SBWIRE) -- 11/28/2012 -- There are many ways to stop foreclosure proceedings from going forth. Some of them are modifying one’s mortgage loan so it is easier to handle one’s payments and declaring personal bankruptcy, specifically Chapter 13. However, if there’s no possibility of obtaining a loan modification and no desire to file for bankruptcy, there is one more option left. Look into a loan to prevent foreclosure, whether it’s a personal loan or another type. It will be well worth one’s time if it can save one’s home.
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The criterion for securing loans to prevent foreclosure is based on three major things: credit history, income, and loan to value. Loan-to-value (LTV) is a term used by lenders to show the relation of a loan amount to the value in the asset purchased. So, if one has reasonable equity in one’s home, the amount of the loan to save it from foreclosure will indicate that. Not all lenders hold it against an individual if he or she has not-so-good credit; some actually offer to help these folks because they deserve a second chance. However, if a person is more than three months in arrears on his mortgage, he may need to provide proof of steady, stable income to obtain the loan.
One type of loan to prevent foreclosure is a foreclosure bailout loan. This is actually a refinance of the original mortgage loan and is very helpful. Non-traditional and private foreclosure lenders are lenient with homeowners that are having some trouble with their mortgage payments and may lend up to 90% of the value of a home to keep it out of foreclosure. There are many online sites that take applications for this type of loan, and one can certainly ask one’s current lender about it.
Another of the loans to prevent foreclosure is one available through the auspices of the Department of Housing and Urban Renewal (HUD.) They work with the Obama administration’s Making Home Affordable programs, and can offer a modification or refinance of one’s mortgage. Either of these options will help reduce one’s monthly payment or give one a longer time to repay the loan, or both in some cases. Ask one’s current lender how to get a HUD foreclosure loan.
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