Bridge Loan financing to save home

I'm interested in helping a relative save their home from forclosure. I've read about bridge loans and this might help carry them until the home can be sold. Is this a reasonable plan?

Who Can Use Bridge Loans

Bridge loans have grown in popularity among homeowners looking to secure a down payment on their new home, while still waiting for their original home to close. In many cases, the home owner will purchase their new home, while still holding onto their original mortgage until the final time of closing. In order to secure the down-payment needed for their new home, some buyers use a bridge loan, which is secured against the equity from the home they are selling. Once the home goes through final closing procedures, they repay the bridge loan in full; until that point they pay interest on the loan based on the terms of the loan.

Bridge Loans are also used by businesses which are awaiting final approval on their business loans, but are in need of cash in the short term. An example of these business bridge loans would occur when a business is waiting for private equity financing from investors. The company can take out a bridge loan at a higher interest rate in order to keep the business running while final details on their venture capital or other financing sources are worked out.

Personal Financial Planning | Personal Loans for Debt Consolidation

I am involved in selection a comparative keep their residence from foreclosure.

You may find a tough time getting a loan from financial institutions with poor credit.Either downscale your plans and amount or wait until the absolute specialist help you out...

If you are looking for home loan with bad credit then you can choose hard money home loan. Hard money home loan is a kind of loan which is ensuring to get loan without tax return information.

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