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A typical Foreclosure Bail-Out Loan is a 12 month Lease and Buy back loan. Under lease and buy back loan, a lender will enter into a contractual agreement with home owner to purchase the home for a 12 month period and then sell the home back to the home owner (At the same price) The Max. LTV for approval is 85% (Meaning you must have at least 15% equity in the home).
The property transfer will normally be accomplished by use of a quit claim deed, which transfers any interest the homeowner may have in the property into a land trust. It is important to note that transferring title does not remove the owner's obligations under their loan. The homeowner still owes on the loan, but no longer owns the security for that loan.
There are many programs to help in foreclosure. With the right approach, most of the foreclosure situations can be resolved. When facing foreclosure, Time is of the Essence. You MUST act fast to protect your home. Use the form below to find stop foreclosure services in your area:
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