Mortgage Lending Guide: Foreclosure Loans
Foreclosure Loans
You may have been led to believe that once your home goes into foreclosure proceedings, you have no options. That's not necessarily so.
If you live in a market with good appreciation and have had your home for a few years, you are probably in luck! Even with the credit problems that generally accompany foreclosure, you could be eligible for new financing if you have at least 35% equity in your home.
That doesn't mean you have paid the loan down 35% - it means the amount you owe versus the true market value of the home gives you 35% in equity.
For instance, if you paid $160,000 for your house, put $10,000 down, and have since paid it down to $146,000, your home would need a present value of about $225,000.
In many of our fast-moving markets, that could happen easily within just a few short years. It would happen in 7 years at only 5% annual appreciation, and most markets have appreciated at a greater rate in recent years.
So before you give up your home, call your Mouse House Mortgage loan advisor and talk it over. Don't delay, because every day you don't pay on your present mortgage, more interest accrues.
If you let it go too far, you'll also be charged attorney fees for the foreclosure paperwork. Charges add up quickly and eat away at your equity, so your best course of action is to act fast!
Call today - help could be closer than you think!
Mouse House Mortgage is a free service for people who are looking for a
mortgage loan with favorable rates, whether you have excellent credit or bad
credit. A friendly mortgage advisor will help you navigate your options and
access the best mortgage rates for your situation.
|
