Foreclosure No Payment Loan
What is a Foreclosure No Payment Loan?
A Foreclosure No Payment Loan as defined by The Loan Man is a short-term loan used until a residential homeowner secures permanent financing or removes an existing obligation. It allows the user to meet current obligations such as being in foreclosure; by providing immediate cash flow. The No Payment Loans are short-term, up to one year, and backed by real estate.
How Does a Foreclosure No Payment Loan Work?
The way a Foreclosure No Payment Loan works; also known as swing loans, interim financing, gap financing, or bridge loans. The No Payment loan bridges the gap during times when financing is needed but not available for a particular situation. Individuals may use this type of loan as an answer to a particular financial disparity. Lenders can customize these loans for many different situations. The Loan Man has customized his loan with a NO PAYMENT Solution. The Loan is all due and payable in 6 to 12 months of the date the Note and Deed of Trust is endorsed.
This No Payment Loan can help homeowners avoid foreclosure. Borrowers use the equity in their current home as collateral for the Loan while they prepare to refinance their current home by enrolling into a credit repair program enabling them to refinance at a market rate in 12 months or less. This gives the homeowner some extra time and, peace of mind while their credit is being repaired to meet market rate lending criteria guidelines. Without the threat of foreclosure looming over their heads.