Do you have questions? We can help! You will find the answers to several frequently asked questions below.
The Foreclosure Bailout Loan is a type of Hard Money loan. The loan is a short-term, asset-based loan, secured by real estate and used solely to help someone in foreclosure. The loan proceeds are used to pay off the current loan in default or to pay back payments needed to bring the loan current.
For this loan, the lender reviews your property's value and equity. Generally you will need substantial equity (often 40% or more) to qualify.
Most private lenders approve loans based on property equity rather than credit scores. Lenders realize that a homeowner going through foreclosure, will not a great FICO score.