If you have fallen behind on your payments and received a notice of foreclosure on your home then you must act quickly to stop foreclosure. You might consider a stop foreclosure loan to help you get back on track with your payments. This article will look at some stop foreclosure loan options for you to consider.
Before you start worrying about finding a stop foreclosure loan to save your home you should make some assessments to make sure that saving your home from foreclosure is the best thing for you to do. Ask yourself the following three questions.
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Question One - Do you have substantial equity in your home?
Question Two - Could you find a place of equal quality to rent for a while?
Question Three - Can you handle all of your current debt obligations?
If you have made the determination that saving your home is worth it then you should be able to find some great stop foreclosure loan options. The best place to start is by looking in the paper or contacting some loan institutions to see what programs they have available.
You will often find private investors that are willing to pay off your mortgage and then do a lease option at a lower payment. You may even be able to put some seat equity into your payments to make them more affordable.
Where Do You Find These Private Investors?
When seeking a stop foreclosure loan you should ask local banks and check the news paper for people who advertise that they do loans or buy homes. You could also run some ads in your local shopper paper to generate some possible interest. Your current lender might have names of people who do private stop foreclosure loans to help you out.
The key to any stop foreclosure loan proceeding is to communicate with your current lender as soon as possible and start doing your home work to find a good loan option. You need to realize that your current lender does not want to foreclose on your home if they can possibly avoid it. They may even be willing to sell the home to the stop foreclosure loan investor at a reduced price if something can be worked out.
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