Foreclosure mortgage loans can prevent mortgage foreclosure by letting homeowners refinance their existing mortgage. Homeowners may also qualify for a home equity loan or second mortgage to pay off their outstanding debt owed. If you are facing foreclosure and have tried other options without any luck, Loan Choice Direct (LCD) may be able to help you. Even with bad credit, you may still be eligible for one of our programs. Since foreclosure occurs when a homeowner defaults (fails to pay their mortgage payment) on a first and/or second mortgage loan, it is always better to find mortgage help as soon as you can and here are a few programs help you do it:



Foreclosure refinancing allows homeowners to refinance their existing mortgage loan. Homeowners can pay off an existing home loan with the proceeds of another loan using the same property as collateral. By refinancing your loan, you'll be able to close your current overdue mortgage account that is foreclosing and start fresh with a new mortgage lender. When you refinance with the new mortgage lender a bailout occurs; this means the new loan will pay off your existing loan so it becomes closed and this will stop foreclosure.



Foreclosure loan refinancing can also save money on your monthly mortgage payment, and the rest of your monthly bills by including debt consolidation. By consolidating debt in the refinanced loan, often the customer can create substantial savings. These savings could be just enough relief for you to get out of your current debt issues. If you have a first and second mortgage, you may even be able to refinance both. This would give you twice the savings.



Also, if you are in the middle of a legal proceeding that is foreclosing your home, there still may be help for you but the best thing is to try to avoid it all together by using one of following to avoid mortgage foreclosure:



1. Using the equity (the difference between the market value of the property and any money due on it) in your foreclosing home or by using the equity in another property you own to get money to pay off past-due bills.

2. Borrowing money from friends or relatives

3. Making a withdrawal from a retirement account

4. Calling a foreclosure specialist at Loan Choice Direct

5. Taking on a second job

6. Promising a lump-sum amount in a few months once you get back on your feet (this is called reinstatement or forbearance)

7. Asking for a repayment plan that will allow you to pay the past due balance with the current amount due over a certain period of time.

8. Asking to modify your mortgage to make it more affordable. These are all forms of mortgage foreclosure help that will not only save your home but also your credit rating.



Stop foreclosure mortgage loans (sometimes also called a foreclosure home loan) can help you keep your home, keep a foreclosure off your credit report, and get your finances back on track. No matter what you call it, and no matter what your credit situation is, there is a program out there that is perfect for you. Also, if you do end up foreclosing on your home, there are programs that can help make your payments manageable again.



Bailouts offer the assistance homeowners need and mortgage foreclosure help is now being offered by Loan Choice Direct. Visit http://www.loanchoicedirect.com/articles.aspx for more articles about mortgage foreclosure help.

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