Top 5 Bad Credit Loans to Prevent Foreclosure in USA

Foreclosure is a shattering process. You face the loss of your home, the disruption of your lifestyle, and the likely forfeit of any home equity you’ve built up throughout the long haul. That is the reason you need to understand your options before it’s too late.

One set of options involves bad credit loans to stop foreclosure. While not without cost and risks, a refinance loan or reverse mortgage could allow you to keep your house and manage your commitment.

Continue reading to see our evaluation of five loan companies that can assist you with avoiding foreclosure despite your bad credit score.

1. LendingTree

LendingTree, an early pioneer in distributed (P2P) lending, is a marketing lead generator and duly licensed mortgage seller. Its online commercial community helps registered borrowers and lenders find each other.

Simply enter basic information about yourself, your finances, and your property. LendingTree uses your loan request to furnish you with up to five offers for various types of loans, including home refinancings and reverse mortgages. There is no charge for using LendingTree.

2. FHA Rate Guide

FHA Rate Guide does not orchestrate loans. Rather, it offers free information about providers of FHA loans.

You can use this information to perceive sources of FHA-guaranteed refinance loans as well as reverse mortgages available through the FHA Home Equity Conversion Mortgages program. FHA Rate Guide is best suited to consumers who would rather not be automatically matched to lenders but rather would like to pursue their course of action.

3. Wells Fargo Home Mortgage

Wells Fargo Home Mortgage offers a variety of home loan products, including refinancing loans and loan modifications. It does not offer reverse mortgages.

Its loan change programs could allow you to for all time bring down your interest rate and widen your loan term so that your regularly scheduled payments will be smaller. Wells Fargo encourages its customers who are facing foreclosure to seek a loan change.

4. Bank Of America Mortgage

Bank of America Mortgage provides various types of home refinance loans, including fixed-and adjustable-rate refinance endlessly loans guaranteed by the Government Housing Administration and the Veterans Administration.

Bank of America does not give reverse mortgages but does offer loan modifications and brief forbearance assuming you genuinely want to avoid foreclosure and stay in your home.

5. CitiMortgage

CitiMortgage offers a full scope of mortgage products, including mortgage refinance loans. Its Office of Homeownership Preservation is a concentrated resource that offers various types of assistance to assist with avoiding foreclosure, including installment postponement, loan forbearance, and loan change.

It also offers options, such as a short sale or deed-in-lieu of foreclosure, that grant you to surrender your home without foreclosure.

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