Top Foreclosure Financing Techniques to Save Your Home

Using foreclosure financing can be a good way to get the money that you need to save your home when you are on the verge of foreclosure. Here are a few of the different techniques that you can use to keep your home from going through the foreclosure process.

Hard Money Loans

One of the best ways to get access to the money that you need is a hard money loan. This type of loan is provided by a hard money lender, which could be an individual or a business that has money to lend. These loans typically come with high interest rates and short terms. However, taking such a loan is a good way to buy yourself some time in order to refinance into a more favorable loan in the future.

Traditional Refinance

Another technique is to utilize a traditional refinance loan. With this type of loan, you will essentially be getting another mortgage from a different lender to pay off your existing lender. Qualifying for this type of loan might be difficult because mortgage loans are traditionally based on your credit and your debt-to-income ratio. However, there are some lenders that specialize in offering foreclosure refinance loans.

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