Home foreclosures facts and figures are in the news, on the t.v. and online almost on a daily basis. This trend can only mean that the number of homeowners facing foreclosure or have been foreclosed on, is growing rapidly. Many homeowners are seeking information on how to save their home and stop foreclosure by any means necessary. Is a bad credit loan the answer?

There are people who were just on the door steps of foreclosure and tried to refinance their current home loan with a bad credit loan or sometimes known as a “hard money loan”, only to be told that hey did not qualify. It seems ironic that if you wanted a bad credit loan that charges more fees and higher interest rates to try and avoid foreclosure, why can’t you qualify? If you have few late payments, you have the bad credit secured with real estate , so why not qualify for the bad credit loan?

Know the difference between a bad credit subprime loan and a hard money loan. A hard money loan is generally based on the value of amount seeking to borrow and the market value of the home, and is a type of subprime loan. If you have any equity in

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