Using Hard Money to Stop Foreclosures

You can use hard money loans in order to stop a foreclosure. These loans are the specialty that hard money and direct private lenders excel in. Should you face foreclosure on a property, whether it be one that you own or one that you wish to purchase before it hits or is already in foreclosure, hard money lenders can be a viable resource for sufficient cash in a short amount of time.


Direct private lenders can fund a real estate purchase or refinance a loan in two weeks or less from the time all your documentation is in their hands. Make sure all your documentation is ready for your broker or lender before proceeding, and use the following list as a guide.


Make sure you have:

Written real estate appraisal with photos

• Purchase contract if you are purchasing the property
• Personal financial statement
• Income statement for the borrower
• 2 yrs P&L for the property if it is income producing
• 2 yrs Tax returns for the borrower
• Statement of use of funds
• Proof of where the balance of funding will come from (such as a bank statement showing the funds available) if you are buying the property

Remember: If you’re completely prepared, with a complete package, your funding will proceed even more quickly.