Prevent Foreclosure

A foreclosure bailout is basically a type of loan that is made to the existing homeowner in an effort to assist them to prevent foreclosure on their home or property. This is essentially a 12 or 18 month lease and buy back loan. Certain lenders, specializing in this type of loan, will enter into a contract with you to purchase your home for a twelve month period, and then resell it to you at the same price for which they bought it.... Typically the Loan to Value( or what is known as LTV) ratio must be 85%, which means that you must have at least 15% interest in the home to be eligible for this service and to be approved for it. The credit score of the applicant as well as their employment history will be checked, but usually are not a large factor in the approval or denial of the loan. For the most part you must display the ability to repay the monthly payments. Interest rates are usually high, at about 12% which is, as they say, nothing to sneeze at, but the loan can be used to remain in control of the property that you purchased and