There is a loan known as Foreclosure loan provided by some lenders to allow peoples to refinance even with foreclosure. They can help borrower to get a fund to settle their financial needs regardless of their credit.
All these lenders have different names or variation types of loans, basically the loans lending are based on their decision on a combination of the equity in your home, your income, and your credit score.
There are few types of the loan. First the traditional refinance, if you have equity and less than 90 days late, you are qualified for this option. But your credit history must be decent, and credit score must be above 650. Your income will be verified to ensure you able to repay the loan.
Second is the hard money refinance, this option is quite similar as traditional refinance. But your credit is not the main factor to determine you qualify for the loan,in fact they will concern more on your equity. Only the one with have equity more than 35% is entitle for the loan.
The third type is one that is obtained from a private money lender, known as Private Money Refinance. It's with a private individual rather than banks or lenders. The equity required for this option is 20%, even some borrower is not sufficient for the equity they will still lending money to them. Be careful to deal with option, you may lose you home easily. Thus, read and understand all details stated in the loan agreement is essential. If you lack of the lending experience for this loan type, get a lawyer to help you.
For other loans information, please check out Various Loans Guide instead of Foreclosure Loan
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