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When home owner misses a mortgage payment for more than 3 month, the borrower is so far behind that even subprime lenders are reluctant to come in. Hard money lenders are private individuals and small local companies are making loans to the desperate and needy the same way regular banks and brokers service traditional customers.
Hard money loans are generally provided by private lenders or investment groups at higher costs than traditional lenders do. However, a hard money loan can be provided regardless of the borrower's credit, income, or any other circumstances. Different lenders have various guidelines for hard money loans, but if you have over 30% equity in your home, a hard money loan may be your best option.
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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