Can some one tell me how to get a loan so i can refinance my debt and get my house out of foreclosure, Thanks?
Question:
Answer:
With both a bankruptcy and a foreclosure, it will be very difficult to get a loan to stop foreclosure. You can try going with either a private investor or a traditional bank/hard money lender.
With a bank that specializes in foreclosure loans or a hard money lender, you'll usually have to have under 70% loan to value, and be making enough income to afford a high interest rate -- 11-15%, in some cases. This makes it difficult for most homowners to find a solution by going this route, and you may have to find a private investor instead.
A private investor can purchase you home and sell it back to you under a land contract or leaseback option, and this will get you out of the foreclosure process. They have slightly easier guidelines, because they are more concerned with the equity in the home, and can negotiate a short sale, if need be.
You might want to stay away from payday loans or other such gimmicks, because they usually only help homeowners get even further behind on their bills. Depending on the circumstances, you should look for a foreclosure loan provider or an investor that can help you stop foreclosure.
Good luck.
ForeclosureFish
http://www.foreclosurefish.com/...
if you are in bankruptcy, you can't take out a loan without approval of the bankruptcy judge, and I doubt with bankruptcy and foreclosure you're going to have much luck with a commercial lender. In addition, gambling debits are probably not going to be released by a bankruptcy judge. Family and friends might be your best bet.
Actually getting a loan after bankruptsy should be a little easier. You have to pay back whatever you bowwor. You can't declare backruptsy again for seven years. The big problem is you let the house go to foreclosure. With any collateral it will be hard to do anything.
Mortgage loans are some of the most difficult loans to receive if you have bad credit because lenders focus heavily on your credit score and history of making payments on time. However, there is credit and loan help for individuals interested in home mortgage loans.
There are many online resources and loan counselors that will provide you with plenty of options for credit and loan help, but often times when you are interested in applying for a mortgage loan the best thing you can do is increase your credit score.
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