On December 6, 2008, the Bush Administration proposed a new plan to help the nearly 1.2 million U.S. homeowners that may lose their homes to foreclosure. The plan has been referred to as the Mortgage Bailout Plan, or the Mortgage Relief Program.  If you do not fit into the program guidelines, I may possibly be able to assist you in obtaining a Foreclosure Bailout Loan to save your home from foreclosure.

Foreclosure Bailout Mortgage - A Foreclosure Bailout Loan is a mortgage designed to save homeowners from having their property foreclosed upon by their Bank or Mortgage Lender. it is basically a refinance loan. The home owner takes out a mortgage to pay off the current loan thats in default. This type of loan may be a last resort, provided your Bank/Lender will not agree to a Forbearance Agreement (An agreement by the Bank/Lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrower's delinquency).

Contact me as soon as you feel your home is in jeopardy, the longer you wait the more your credit becomes affected and the harder it is to get you into a more stable situation. Time is the key to saving your home. 

We have Lenders who will defer your monthly payments for up to 6 months to help you get back on track with your bills.

Most foreclosure bailout loans require at least 25% equity in the home and credit scores are not an issue. While some potential borrowers do not fall into this category there are many that do and can benefit from the bailout programs.

Any time a mortgage goes 120 days late, most banks will consider that loan in default.

Be cautious of immoral predators if you are facing foreclosure. Many companies see your bad fortune as an opportunity to strip any remaining equity from your home, often leaving you both homeless and penniless.

When compared to the option of selling your home or loosing the home if foreclosure proceedings are completed, the higher interest rate associated with a bail out is usually the best alternative. These bail out programs are a form of refinance, they are not a lease back program. You still maintain ownership of the property.

A foreclosure bailout loan will be costly and typically carry a higher interest rate because the Lender's risk is so high.

The type of lender you are looking for in a foreclosure bailout is called an "Equity Lender" or "Hard Money Lender". They lend based on the equity in the home and not necessarily on your credit score or credit history. This means they are protected by the higher risk should they have to take the property back. These are usually short term loans designed to keep someone from going to foreclosure. This allows you time to list and sell your property or get back on your feet again and refinance.

You may be also able to pay off additional debts as part of a foreclosure bailout/refinance. If you have enough equity in your home this may be exactly what you need to get back on track.

In extreme cases, where there is no possible solution for avoiding foreclosure, borrowers may wish to contact their Bank/Lender to inquire about a short sale or to contact Project Lifeline or call the Hope Now Alliance @ 1-888-995-HOPE. 

We also have a Mortgage Modification / Loan Modification referral service. This is where your bank or mortgage lender will be contacted by an attorney and a request is made to modify the interest rate and terms of your loan, ultimately bringing the loan up to date and possibly lowering the monthly payments.  Please note that not all mortgage lenders agree to a mortgage modification, but it may be worth the effort.

If you are currently delinquent on your mortgage payments and would like to speak with me confidentially about your options, please feel free to contact us by email or call us directly @ 800-433-0589.