The Foreclosure Help Scam
You can make use of foreclosure bailout loan to save your home from getting foreclosed. The holder of a trust deed can foreclose without going to court, too, through a foreclosure by “advertisement and sale” or non-judicial foreclosure. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor.
For most servicers, if your application is complete and received at least 37 days before a scheduled sale, the lender must stop all foreclosure activities. However, the secret to obtaining the help you need is to prepare a repayment plan prior to calling your loan officer.
Because the pool of buyers who can afford to pay cash on the spot for a house is limited, many lenders make an agreement with the borrower (called a deed in lieu of foreclosure ) to take the property back. It all starts when the homeowner â€” the borrower …