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What is a foreclosure loan?

April 26, 2017foreclosure loan

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What is a foreclosure loan?

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A foreclosure loan or a rescue loan is a loan that essentially allows homeowners to refinance a loan that they are close to defaulting on. These foreclosure loans generally have certain requirements, including homeowner counseling, restricted to low or moderately priced homes, for people of modest means, and require the homeowner to share any future financial gain on the sale of the home.