Hard money loans to stop foreclosure

It can be difficult and stressful trying to stop a foreclosure but to save your home, you will want to try out every available option. Perhaps you’ve tried out some options already but they haven’t improved your situation. Here is an option that isn’t commonly discussed, using hard money loans to stop foreclosure, how can you go about it?

Hard money loan is a short-term alternative that can be employed by house owners as it is a real estate related loan. Private investors are usually the creditors and that could make it difficult to secure a loan on time.

There are a lot of ways out there that provides a hard loan to house owners who are looking to save their house from foreclosure, however not all institution will want to help you refinance an existing loan as your credit score might have been affected.  There are a couple of things you should know about hard loans before going ahead:

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  • It’s usually funded by private individuals who are willing to take the risk because lending to individuals with such credit score is considered ‘high risk’.
  • The repayment period is usually short with most having a maximum deadline of 12 months or less. This can be too harsh on house owners having issues keeping up with mortgage payment.
  • The interest rate is usually higher than the regular standard rate. Hard money loans can have an interest rate ranging from 7% to 20% depending on the amount to be borrowed.

Conclusion

This are harsh realities that accompany hard money loans and they should be carefully considered before taking such loans. Despite that, taking a hard money loan can save you from losing your house. It can serve as a short-term alternative to stop foreclosure.

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