#foreclosurebailout

A foreclosure bailout loan can be a lifeline for homeowners facing the threat of losing their property. At Stop Mortgage Foreclosure, we specialize in helping individuals regain control of their financial situation by offering tailored foreclosure bailout loans. Understanding the requirements for these loans is crucial to determining your eligibility and securing approval.

Foreclosure bailout loans are designed for homeowners struggling with overdue mortgage payments, giving them an opportunity to pay off their existing loan and avoid foreclosure. While these loans can provide much-needed relief, they typically come with specific qualifications.

Here are the key requirements for a foreclosure bailout loan with Stop Mortgage Foreclosure:

Property as Collateral

The loan is secured by your property. Lenders will assess your home’s current market value to determine the loan amount you qualify for.

Equity in the Property

Significant equity in your home is essential for approval. Lenders generally prefer properties with at least 20% equity, as this reduces their risk and increases your likelihood of loan approval.

Ability to Repay

Demonstrating your ability to repay the loan is vital. This can include proof of income, bank statements, or other financial documents showing you can manage the new loan’s terms and payments.

Credit History

While less emphasis is placed on credit scores compared to traditional loans, lenders still review your credit history. A recent foreclosure notice may impact your options, but many lenders are willing to work with borrowers in challenging situations.

Proof of Hardship

Documentation of your financial difficulties, such as medical bills, a loss of employment, or other unanticipated events, is frequently required by lenders.

At Stop Mortgage Foreclosure, we aim to simplify the process and provide flexible options to suit your needs. Our team works closely with you to navigate the application process and secure a loan that helps you stay in your home. Don’t let foreclosure define your future. Contact us today to explore your options and take the first step toward financial recovery with a foreclosure bailout loan tailored to you.

Do you need capital for real estate? If so, you might want to ask yourself, are there hard money lenders near me? Consider the experts at Fidelity Funding in Los Angeles and Glendale, where we specialize in providing loans to almost any type of property. This includes both residential and commercial.  

6 Steps to Getting Approved With "Hard Money Lenders Near Me"

1. Select a Viable Project In order to secure a hard money loan, you need to have a project in mind, and you need to be sure you have a complete and well-detailed plan. If you have the experience, it's important to demonstrate how this experience has worked for you in the past. Remember, the more specific you are, the more likely it is that you'll be approved.   2. Ask Yourself, "Who Are the Hard Money Lenders Near Me?" When you find these lenders, it's important to do your research. Be sure they have interests that neatly dovetail with the purpose of your loan.   3. Complete a Detailed Executive Summary An executive summary is a statement that summarizes the scope of your project. This includes the reason behind the loan, the amount, and a complete timeline that outlines the progress of the proposal.   Remember: while an executive summary should not belong, it should be detailed. You want to instill a sense of confidence in the lender to ensure that your project will be a worthwhile investment.   4. Complete Your Loan Application This will contain all your complete personal financial statements. This is necessary for lenders to review. Be sure these are accurate and informative. If you are doing a renovation project, be sure that you have detailed information about the scope of the project, the cost, and the timeframe.   5. Take Pictures of the Property and Include Them With Your Application Providing pictures of the property and of the neighborhood where it resides can help your case.   6. Remember to Demonstrate the Return on Investment Lenders want to be sure that their hard money loan will result in an increased value for the property. This could be by an increase in occupancy numbers or even presenting a case for higher rental rates. If you have this information, you should be sure to showcase it to your potential lender.  

Some Additional Useful Tips to Remember

We've reviewed some essential steps for getting your hard money loan, but there are some additional tips you should consider as well if you're asking, where can I find these hard money lenders near me. Demonstrate Your Competence Remember that lenders aren't only looking at the bottom line: they're also looking at your attitude. Are you providing all the information that they need to make a decision? Are you keeping in touch with them? Did you present yourself in a professional manner? All of these show that you are a dependable borrower.   See the Venture as a Partnership Investing in real estate? Want to have expert advice? If you work with a reputable hard money lender, you could have an advantage.   These experts will give their honest opinion. They also won't be shy about mentioning anything that they believe could jeopardize the project. How does this help you?   First, it helps you avoid certain pitfalls if you're working on a project. Second, it also strengthens your position by helping you revisit details to make your proposal stronger.  

What Are the Benefits of Hard Money Loans?

In some ways, they may be more expensive than traditional loans, but unlike traditional loans, hard money loans offer some very distinct advantages.   Easier Approval If your credit is less than stellar, you'll have difficulty getting the loan you need. Even if you have a thin credit history, getting traditional funding is often difficult at best. Because hard money loans use collateral, there is less dependence upon a credit score, and there's less emphasis on your credit or loan history.   Flexibility Because you're not dealing with large corporations or massive banks, these money lenders are more flexible. In fact, you can often speak directly to one of the main officers who will work closely with you on your loan plan.   There's No "One Size Fits All" Every single loan is dealt with on a case-by-case basis. In many instances, you can be offered tweaks to your plan in order to help you. Because of this individualized attention, you'll often get better results.   Speed Hard money lenders also get you the funds you need rapidly. Why? Because the loan is backed by collateral, and this streamlines the approval process.   Multiple Loans to a Single Borrower In certain cases, banks may not lend more loans to one single borrower. However, with hard money lenders, there is a difference. You see, hard money lenders primarily concentrate on the equity in a property.  

Be Sure the Lender Is Easy to Work With

Make sure that you work with a hard money lender who gives you time and carefully evaluates your situation from the first time you call and gives you a clear and concise direction. With a reputable lender, you should be able to get the information you need from the first call. This means getting the quote of a good rate and terms and getting back into touch with you after a few hours.   Most important, you have to understand if the money belongs to the institution or if it is investor money. At the end of the day, you want the person who is on the other end of the call to be the one who can make the decision of whether or not to give you the money. And if that person is not the one who will make that decision? Consider that a red flag. This is most likely not the lender you want to deal with.  

Fidelity Funding Helps You With Hard Money Loans

Do you need an infusion of capital for your next project? Do you need fast, reliable financing? If so, you're likely looking for hard money lenders in California. The experts at Fidelity Funding have this important information for you if you're looking for a hard money loan.

What Are Hard Money Loans?

A hard money loan can be a great benefit to those who are trying to secure loan financing. Through a hard money loan, the funds the borrower receives are secured by real property. In many cases, these loans are appropriate for projects that may last a few years or a few months. They are also very beneficial to those who plan to "flip" properties.

What Are Hard Money Loans Used For?

Hard money loans are perfect for a wide variety of projects, particularly the "flipping" of houses or properties. They are also perfect for: Cashout  Loans for construction Fix and flips Foreclosure Bailout Remember, because hard loans can be secured quickly, they allow the borrower to take advantage of real estate opportunities.

What Are The Benefits of a Hard Money Loan?

There are several benefits of a hard money loan. We've outlined a few of them below: Your Credit Score Is Not as Important A hard money loan is the perfect solution for those whose credit may be less than perfect. Why? Because the property is used to secure the loan. You Can Get a Loan Fast Loans typically close within five business days. However, at Fidelity Funding, it can close within as little as three business days. However, to ensure that these loans close in a timely fashion, you should have all your documentation organized and completed. Fidelity Funding can walk you through the process. It Allows You to Take Advantage of Market Opportunities Do you realize that California has an incredible opportunity for flipping houses? It's true. This is due to the high value placed upon single-family houses. What does this mean for the borrowers? It means you can find deals, secure a hard money loan, complete the rehab, and then sell to make a profit. Hard money loans make it easier. Hard Money Loans are Funded by Private Lenders This streamlines the process when compared to securing loans from private lenders such as banks or credit unions. You may have heard hard money loans described as "private lenders." Hard Money Loans Help Those Who Cannot Get Traditional Funding Again, this is due to the fact that property is used to secure a hard money loan. The value of the collateral offered is more important than financial issues such as debt to income ratio or credit scores. Hard Money Loans Are More Flexible Traditional lenders use a standardized underwriting process. However, with hard money lenders, each individual deal based upon the specific situation. You Might Be Able to Borrow From an Individual This, of course, will depend upon your particular situation, but in some cases, you may be borrowing from an individual who's willing to make the loan. This can be advantageous because many corporations or large banking institutions can have very strict policies.

Some Things You Should Know Before Applying for a Hard Money Loan

So you've read some of the many advantages of a hard money loan, and you're ready to get started? Excellent. Before you begin, there are some things you should know to ensure you are prepared. Have a Good Idea of What the Property Is Worth Remember that many hard money lenders will only lend as much as the property is worth. Have a Clear Plan Outlined It's very important for you to demonstrate that you've done your due diligence. If you plan to flip a property, be very clear about your plans, how you will rehabilitate it, and when you'll be paying back the loan. Make Sure You Know Their Specialty It's not unusual for hard money lenders to focus on one specific kind of property. For example, some may do residential, while others focus on land loans. Still, others may specialize in a variety of loans. It's important to know, upfront, which type of loan they specialize in. It's vital to get this information before you start the process. Be Aware of Using Owner-Occupied Properties Typically hard money lenders do not lend to any owner-occupied rental properties. But even here there are exceptions--it just requires a lot of extra paperwork because it deals with extensive rules and regulations. Know the Requirements to Get a Hard Money Loan While we mentioned that these are often easier to get than traditional loans, it's still important to know your requirements. The main key is to make sure you have an accurate account of the amount of equity you have invested in the property. This is important because this property will be used as collateral to secure the loan. Borrower Requirements for Hard Money Loans As discussed earlier, hard money lenders are primarily concerned with the amount of equity the borrower has invested in the property that will be used as collateral. They are less concerned with the borrower's credit rating. Issues on a borrower's record, such as a foreclosure or short sale, can be overlooked if the borrower has the capital to pay the interest on the loan.

How To Find a Reputable Hard Money Lender

There are several indicators of whether or not a hard money lender is reputable. You may want to ask these questions: Do they have a legitimate website? Are they in good standing with investors? You should also take a careful look at what properties this lender has done in the past. We believe if you take a close look at Fidelity Funding, you'll see why we are a reputable lender and the best choice for hard money loans.

See Why Fidelity Funding is the Best of the Hard Money Lenders in California

Perspective borrowers with unconventional credit histories often struggle to qualify for loans through traditional lending institutions. Aside from their inflexibility, many conventional lenders are unforgiving regarding checkered credit histories. If these circumstances apply to you, consider borrowing through Hard Money Lenders. Flexible lenders such as these allow you to pursue a wide variety of investment options such as investment properties, fix and flip properties, or other properties essential to your economic well being.

Why Would You Need Hard Money Lenders?

Hard Money Lenders are most convenient for those with unconventional incomes and those with problematic credit history. When you work as a freelancer or a contractor, your income is difficult to document in a manner palatable to traditional lending institutions. Therefore, you are more likely to secure funding for your loans if you work with a lender that recognizes a more flexible range of documentation than just W-2s or 1099s. Many self-employed people are unable to provide succinct documentation of this variety; therefore, they're excellent candidates for a loan through a hard money lender.

1. Speed

If you apply for a loan, especially a mortgage, you will have to furnish an undo amount of documentation. It takes a surprising amount of time to gather the documentation you need to successfully apply for a mortgage or a substantial loan through a major bank in the United States. These delays aside, most major national banks will take at least a month and up to four months to process your application. This means you could end up waiting months to hear that your application was rejected and that you needed to start again from square one. One of the biggest advantages of working with a hard money lender is that you can reasonably expect your loan to be approved and funded in one to two business weeks. For many small business owners and contractors, timing is critical in making essential purchases, many of which are enabled by expedient loans such as those offered through lenders with more flexible terms than traditional financial institutions. When you need to pounce on a fragile opportunity, you need a lender willing to assess your finances from multiple vantage points.

2. Flexibility

Many borrowers who end up using Hard Money Loans are people who failed to qualify for loans through major American banks based on their credit histories or their income. Expeditious property owners and savvy homeowners can capitalize on Hard Money Loans in a way that facilitates long term financial success, even when credit and income appear to be an obstacle. Investors who are adept at renovating defunct properties are uniquely qualified to capitalize on the benefits of a loan that requires no documentation. Investors who need capital fast to purchase a home from which they can create a profit almost immediately need access to a form of funding that suits their flexible lifestyle. If either and or both of these circumstances apply to you, a hard money loan may dislodge the most cumbersome fiscal obstacle in your life. Another common motivation for seeking a hard money lender is the desire to fund an investment property. This is often an effective tactic as investment property owners can pay off debt quickly based on their rental income. For this reason, many property owners find Hard Money Loans to be an effective tactic in enhancing the value of their rentals.

3. Likelihood of Approval

When you apply for a loan through a major bank in your area, you must conform to the preferences of that firm's algorithm in order to qualify for funding. This process excludes numerous solvent aspirational borrowers with disposable income to purchase a substantial property. If you find yourself on the outside looking in based on your unconventional income, you may find Hard Money Lenders a helpful building block on the road to your financial security. Hard Money Lenders are often willing to assess alternative documentation, such as bank statements, to account for income earned outside the purview of the most simplified tax return. If your credit score is below 600 or so, you may struggle to qualify for loans through the largest banks in your community. You'll likely have more success pursuing funding options that are dependent on the capital that you generate on a day-to-day basis. These same lenders are willing to ignore red flags such as bankruptcy or defaults on other loans. It's the most reasonable way someone with no credit history or poor credit history can secure funding even if it isn't on the most advantageous of terms.

4. Down Payment

Frankly, the last two items on our list are often cited as downsides to a hard money loan; however, we find that view overly simplistic. Even the most flexible lenders are reticent to fund a hard money loan without collateral that is worth substantially more than the loan. Because of this, down payments on Hard Money Loans are often around 30% of the value of the property or item you would like to purchase. This means you have to come up with a large sum before you qualify for a loan. Obviously, it is a hassle to get a huge down payment together and lay all that money on the table at once, but it is efficient, in the long-term, to put as much down as you can. If you do, you will actually end up paying less in interest because of the lower principle on the loan.

5. Term of Loan

The term of Hard Money Loans tends to be much shorter than those of mortgages or auto loans through big banks. This often means the monthly payments are higher than they would be with other loans; however, a shorter-term loan requires you to pay more in principle every month, which can actually decrease the amount you end up paying in interest. For instance, imagine the amount of interest you would pay on a 30-year mortgage if you paid a bit in interest every month for three decades. Compare that to steeper interest rates on loans—you need to pay back in three to five years. It may hurt in the immediate-term, but it facilitates some substantial financial gain in the end.

Fidelity Funding Helps You With Hard Money Loans

As more workers take advantage of the flexible employment opportunities available in the 21st century, a broader group has come to understand an issue small business owners have known for years. If you don't have documentation substantiating your income in whichever specific way the bank prefers, it is very hard to borrow substantial amounts of capital. Anyone with an unconventional financial situation should be aware of the No Income verification loan, which can help reach your financial goals.

Do You Need a No Income Verification Loan?

Anyone who struggles to demonstrate income through salary or wages is a strong candidate for a loan with non-traditional criteria for approval. This most often happens to freelancers who work with many clients, contractors who work for multiple employers every year, and small business owners, especially those with substantial overhead costs. Loans without income verification are also a great option for people with high net worth but No Income in wages and investors with complex tax situations. Instead of requiring W-2s and/or tax returns like a bank, more flexible lenders will allow you to use other metrics, like bank statements, to substantiate your income. This is important for anyone who needs to reinvest in their business constantly because you can show how much profit you generate while paying yourself as little as possible to safeguard the company. Practices like this are common among the self-employed and often preclude conventional loans through traditional banks. Fortunately, some lending institutions are filling the gap with non-traditional loan programs.

5 Steps to Funding without Verifying Income

1. Assess Your Needs You can't walk into any loan office before you know how much you need. Many borrowers use loans without income verification to purchase their homes. Others use the loans to purchase an investment property, buy equipment or real estate for their business, or to make other large purchases. Regardless, make sure you have a good approximation of what you are looking to borrow before you start any other aspect of the process. With that number in mind, you can assess your income and your assets to make sure you are being realistic. 2. Assess Your Assets This assessment will be, at least to an extent, dependent on your credit situation. While credit problems are a bit more common among self-employed workers, many have excellent credit scores and bank statements that demonstrate a reliable income. If you are prudent and lucky enough to have these things, you shouldn't have any trouble securing a loan. As we mentioned above, small business owners who need materials and equipment to run their businesses are at risk of being passed over for a mortgage or other loan because they reinvest in themselves so often. This is ironic as so many small business owners lean heavily on their homes as a base of operation. Small business owners are also more likely to bring large hauls of money seasonally before weathering some little months at another time of year. Loans based on bank statements are a great way to show how much value you and your business create. Loans based on bank statements also create an opportunity for potential borrowers who have large tax write-offs every year. These write-offs artificially lower your income in the eyes of the IRS. This is relevant to anyone who purchases the equipment they need to work, whether it is an iPhone or a Bulldozer. Write-offs also apply to home or portions of homes used for business. 3. Adjust Your Expectations Many self-employed borrowers begin the loan application process expecting a slightly different version of a traditional mortgage or other loans. This is simply not how No Income verification loans are funded. You will pay higher interest rates for a loan without any income verification. Different lenders will have different policies on this front, and your financial situation will undoubtedly play a role in the lender's estimation of you as a borrower; however, you will not see the kind of interest rates you see on conventional mortgages from big banks. This is undoubtedly a disadvantage to loans without income verification, but there is a silver lining. When you don't submit an egregious amount of paperwork to a financial institution, you preserve some semblance of privacy in reference to your financial information. Outside of the interest rates and the associated documentation, the most important consideration is the down payment. 4. Save for the Down Payment While getting the down payment together can be a pain, it is actually a good strategy in the long-term. The more you pay upfront, the less you principle you have to pay down from the very beginning. So, those higher interest rates will be less of an issue than you may have anticipated because the lower value of the loan will necessitate lower monthly payments. Once you have the capital together, all you need to do is collect your documentation and speak with a loan officer at an institution with flexible lending options, such as Fidelity. 5. Resort to Alternatives (If Necessary) and Try Again If you are finding that no matter what you try, you cannot get approved for a loan, especially a loan for a home. You may consider using loan programs offered through the Federal Housing Authority (FHA), which are catered to borrowers with lower income and/or poor credit. Loans through the FHA are a great opportunity to rebuild credit while simultaneously housing your family. The Department of Veterans Affairs (VA) offers loans for homes and other essentials at great rates. If you are a veteran, you could take out a loan through the VA to buy a home, often with a minimal down payment and favorable interest rates. Both of these options allow at-risk Americans to borrow money and improve their credit. If you need to, you can take out a loan through one of these programs, use it to improve your credit while pursuing your non-traditional employment and qualify for a No Income verification loan down the line.

Fidelity Funding