Foreclosure on your home is one of the most terrifying experiences anyone will ever have.
Financial ruin can sneak up unexpectedly or hit a homeowner squarely in the face.
If a house is about to be foreclosed on, it looks pretty close to the end of the road.
However, there is always a chance to stop foreclosure.
A loan to stop the foreclosure process can be the answer.
A stop foreclosure loan can come in several different forms and for varying interest rates, depending on the credit score and current financial condition the homeowner is faced with.
Most loans will use your home as the collateral and then keep the mortgage creditor at bay.
Loans to pay off the mortgage are available from a number of companies that have flourished over the last several years.
The recent economic downturn has put many homeowners at risk or actually led to foreclosures.
Credit unions, local and national banks, online lenders and payday advance lenders have all moved to fill this niche of loan rescue, some being far more competitive in new interest rates than others.
A homeowner who is facing foreclosure and has no other option than to refinance or use a mortgage pay-off loan should shop around carefully to avoid making a bad situation worse.
If the right loan company can be found and a viable interest rate agreed upon, foreclosure can be avoided.
Remember that seasoned and specialized advise is worth every penny and every second you spend on it.