Is there a mortgage for foreclosures?
Question:
Answer:
Yes there are.
There are mortgage product available for owner who just received a "notice of Default".
If however the bank or lender repossesed the property or it was sold in an auction you would have to come up with private funds to redeem your property back.
If you are in California and need assistance in foreclosure bailout loans we can help
Rommel Mijares
Mortgage Specialist
I'm not sure quite what you mean...
A house becomes foreclosed when the owner cannot pay the mortgage and the bank takes control of the house. So when a forclosure house is on the market it is for sale just like any other home.
But, you can take out a mortgage if you wish to buy a home out of foreclosure. You can use and mortgage company that you choose. If you have further questions please feel free to email me, I am always willing to talk shop.
If you are looking for someone to lend you more money and bail you out of an impending foreclosure, yes there are a few left, but you will likely only be given a loan up to 60-65% of the value of your home. Many people owe much more than that. The rates will be well into double-digits.
If you have any equity left at all and don't think you can get caught up on your payments, find a good realtor and sell your home and get whatever cash you can back out of it. If you haven't spoken with your current lender's loss mitigation department, you should try to work something out first. They may be willing to bring you current and add the missed payments to your balance. They'll only do it if you can show that you can keep current if they do it.
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