When a borrower gets behind on their mortgage payments, if it goes long enough, the bank/mortgage lender will start foreclosure. If you have late or missed mortgage payments, you may be at risk of facing foreclosure. This means that your lender will start the legal process to take possession of your home and then sell it in an attempt to recover the balance that you have owing on your home and sell it. Loaners Mortgage knows that unforeseen circumstances do happen that may have prevented you from making your payments, but what do you do when you fall behind on your mortgage? The most important thing to remember when you are facing foreclosure is to handle the issue immediately. Make sure you are talking to your lender about your options and what kind of extended time-frame may be available to you. Speak with a Loaners Mortgage representative immediately to see if there are other lending solutions for you.
Fortunately, there are a few things that a Loaners Mortgage can do to help you avoid foreclosure, even with bad or poor credit. Our network of lawyers, realtors, appraisers, and especially private mortgage lenders means we can help you find a solution that will work for your financial situation to help you avoid foreclosure. Contact us today to see if we can help you stay in your home.
Typically, getting out of foreclosure is a two step process. Traditional banks and lenders will not lend to you if you have arrears on a mortgage or are currently in foreclosure. Private lenders help us get out of foreclosure, then we can refinance with traditional banks and lenders.
Step One: Refinance to Stop Foreclosure. Loaners Mortgage will take a new mortgage from a Private Lender to pay off the mortgage, mortgage arrears, property tax arrears, and any legal costs incurred to date.
Step Two: Loaners Mortgage will help you refinance with a traditional bank/lender. We refinance with a traditional bank/lender to get life back to normal. Sometimes this step includes other credit repair activities before this step can be processed. Your expert Loaners Mortgage representative will help you plan for this. Be sure to ask about our No Payment Mortgage™.