Refinancing Out of Foreclosure
Автор: Fazzio Law
Загружено: 2022-06-27
Просмотров: 1433
Описание: Proactive borrowers can ask their Lender or Servicer to take advantage of forbearance and deferral options to avoid default or negative credit remarks, so they can qualify for a traditional re-finance. Borrowers with positive equity in appreciating markets can sometimes attract a Hard Money Lender or get a Foreclosure Bailout Loan to stop the current Lender from defaulting them or initiating foreclosure and can thereby get out of hot water. Many times the Hard Money Lender will require an investment vehicle like an LLC be holding the asset, that there is sufficient equity and that the Bridge Loan will be paid off in 12 months. When neither of these strategies are available, it is a good idea, if you want to stay in your home to approach potential "Angel" or "Partner" investors who can take a piece of your equity and perhaps some payments in return of their capital in exchange for liquid money now to get you out of a potential default situation.
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