3 Ideas to Help you Avoid Foreclosure

Fundraiser

One of the most ignored sources of finances that can help you during a financial crisis is your friends and family. For you to have a fundraising, you don’t need to set up a big official occasion like other fundraising events. The main idea is to be able to ask help from your family and friends. In most cases, a foreclosure results due to some unexpected event in life that limits your ability to repay the property loan. For instance, you may have lost your job, or have suffered from a severe health problem. In case you are a victim of a certain form of tragedy, many people especially your loved ones will be more than willing to assist you.

Consider Commercial Hard Money Loans

Commercial hard money loans lenders aren’t as strict compared to other loan sharks. However, they operate in similar ways. Commercial hard money loans financiers loan money regularly to individuals in financial problems, for instance, foreclosure among many other forms of distressing situations. What you should keep in mind is that commercial hard money loans lenders will provide financial assistance depending on the worth of your property. This means that if your home is worth a substantial amount of money, they can assist you. However, there is a catch, and it’s usually in high fees and rates.

Commercial hard money lenders often require that you agree to take a balloon type of loan for you to receive the funds. With this type of loan, you’ll only be required to make interest payments in the life of the mortgage and eventually repay the principal. Commercial hard money loans often have one or two-year terms meaning they cannot be used as a permanent solution.

Ask your Bank for Assistance

Most people consider banks as heartless organizations, but in most situations, they can be more than willing to assist you. They can come up with ways to help you keep your home, for instance, reducing the interest charges.