A stop foreclosure loan is a loan that a homeowner can get in order to be able to keep his or her house. These are generally granted when there is a temporary circumstance that lends itself to a temporary solution rather than one where the homeowner is just digging himself in further. For instance, when someone has been laid off a job but has prospects for employment soon, a stop foreclosure loan can sometimes be obtained.
Now, a stop foreclosure loan is not something that a person with an upside down recently modified interest rate loan can get. In this situation, the homeowner truly cannot afford the property. They should be looking for a solution that either re-sets the mortgage or gets them out of the home.
Instead, a stop foreclosure loan can sometimes be obtained when a homeowner has a temporary setback, but can assume the responsibilities of the loan within six months. Some examples of this include:
The homeowner has become unemployed but has reasonable re-employment options shortly.
The homeowner has a temporary disability which renders them unable to work for a limited amount of time.
The homeowner has major expenses in another...
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