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™.