Very few people will qualify for this type of loan, but if you are in bankruptcy or facing foreclosure, then it’s worth checking into. A bankruptcy loan is a loan that can help someone out of bankruptcy or a loan that is given to someone while they are in a bankruptcy. A foreclosure loan is a loan that is given to someone, usually to save their home from foreclosure. In either situation, the loan is usually given to someone with poor credit. Lenders provide loans like these, only when there is enough equity in the property being refinanced.
In general, you’ll need to have a minimum of 35% equity in a property to qualify for this type of loan. Although, if your property is a higher value property, you may get qualified with less. The banks require this much equity, so if they need to sell the home in a hurry, they can recover most of their money. Many people have more equity than they think, so if you are thinking about getting a foreclosure loan or bankruptcy loan, we highly recommend getting a professional home valuation. This will help you decide if pursuing a refinance is a viable option. You should also do a lien and title search, to find out if there are any additional liens on the property you didn’t know about. It’s estimated that over 40% of americans have a debt against their home that they were unaware of!
Once you know how much your home is worth and how much you owe (including additional liens and fees), you can simply divide the total payoff by the value to get your loan to value (LTV). A LTV of .70 or less is good, and you should speak with someone about a refinance. If you LTV is higher than .70, then you’ll want to concentrate on other options to get out of foreclosure or bankruptcy.
Once you know you have enough equity, then you’ll need to start looking for a lender. In most cases, you’ll be searching for a “Hard Money Lender”; this is a lender that doesn’t care how bad your credit is, they only care about the equity. If your credit score is over 640, you may have additional options, but if you’ve been through bankruptcy or foreclosure, your credit is likely to be below that.
By completing the form on the left, we’ll help you find any options available for bankruptcy and foreclosure loans. Even if you’ve been turned down in the past, we can help. We work nationwide and can refer you to hundreds of lender who can provide the refinance or loan you’re looking for.
Bankruptcy and foreclosure loans are available, you just need to know where to look.Many people think that because they’ve been turned down in the past, it’s not worth trying again. This couldn’t be further from the truth. Most lenders only provide loans for people with perfect credit, so 90% of the lenders out there would turn you down. What you’re looking for is the other 10% that might say yes. We have done all the research for you, so if you are looking for a bankruptcy loan, or foreclosure loan, you’ve come to the right place.
When you get started today, you’ll get access to our free membership, which, among many other thing, will give you our exclusive lender list. This gives you direct access to the lenders who can provide you with a hard money loan, foreclosure loan, and even bankruptcy loans!
If you have missed payments, or if you are in a bankruptcy, then you need to find a lender to refinance today. We can help and our membership is 100% free, so fill out the form on the left today!