Of the many options facing people who are dealing with a potential foreclosure of their home, most will eventually hear about foreclosure bailout loans. These types of loans are provided by private investors who will charge high interest rates and provide the necessary cash to forestall a foreclosure. In exchange, they may buyout the mortgage at a loan to value ration of between 65 to 75% and lease the property back to the owner of the home for a period of time.
Eventually, the investor returns the property back to the person in the home. These foreclosure bailout loans are supposed to work more like second mortgages, where the tenant remains the owner of the home. However, sometimes unscrupulous people end up owning the home instead. While there are genuine investors who know how to use this as a last-chance tool to save a home, there are many more scam artists who come into a home pretending to offer genuine foreclosure bailout loans when they are just trying to get the deed to your home. You have to be very careful when signing any documents with anyone claiming to be offering foreclosure bailout loans.
Some states, like Florida, have even put legislation in place that clearly suggests that despite wording in documents, any bailout offers with a lease option are similar to mortgages where the current resident retains ownership of the home. This has kept people from being evicted from a home they thought they owned after going through foreclosure bailout loans programs.
Foreclosure Loans Guide Related Articles
- Additional Costs For Foreclosure Refinance Loans Non Owner Occupied
- Bad Loans To Stop Foreclosure
- Buyer Beware - Foreclosure Buy Back Mortgage Loans
- Finding Loans To Avoid Foreclosure
- Foreclosure Bailout Loans -Scam or Genuine?
- Foreclosure Loans NY Style
- Getting Out Of A Tight Spot With Pre Foreclosure Loans
- Hard Money - Private Foreclosure Loans
- Housing Market and Foreclosure Loans, New York City
- Lenders Willing To Refinance Foreclosure Loans, NYC
- Plan Ahead To Use Stop Foreclosure Loans
- Scouting Out Foreclosure Loans
- Waiting Out Bad Credit Foreclosure Loans Options
- Ways To Secure Foreclosure Loans With Other Equity
- Where To Find A Lender for Loans for Foreclosure
- Where To Find Home Loans After Foreclosure
- Will You Qualify For Foreclosure Bail Out Loans?
- Workout Loans For People In Foreclosure
- Yes, You Can Get Mortgage Loans After Foreclosure!
- Your Choices For Foreclosure Resolution Loans