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What To Do If You Are Facing Foreclosure

ForeclosureThe nation’s homeowners are still reeling from the housing crisis that overtook the U.S. back in 2008. Six years later, the effects are still being felt as homeowners continue to face foreclosure in some of the hardest hit states in the country such as Michigan, Ohio, and others in the Midwest. What can one do if faced with the threat of foreclosure? Fortunately, there are several options available.

Contact Your Lender

Homeowners who are having trouble making their payments should call their lender as soon as possible. You do not want to have to go through the foreclosure process and, believe it or not, neither does your lender. It is a time-consuming, lengthy process that costs your lender a lot of money in legal fees. To avoid foreclosure, your lender may be willing to work out some sort of deal to keep you in your home. That may mean a modification to your existing loan or a new mortgage altogether.

Find A Private Investor

If you have ever seen signs or ads that say “We Buy Homes,” the person or persons behind the sign are normally real estate investors. They will buy your home and, in essence, become the bank. They will work with you, the homeowner, to come up with a flexible payment program so that you may stay in your home. A private investor is more interested in monthly cash flow and the potential for future profit. Finding the right investor can help a homeowner avoid going through the foreclosure process and having to vacate a home.

Other Loan Programs

There are a variety of other loan programs that are available even to those with less than stellar credit. Those who have a job and a steady source of income can take out a payday loan. These are short-term loans that can provide a quick source of cash to make a mortgage payment or two and hold off a foreclosure. Another option is a car title loan. Car title loans from companies such as Embassy Loans of Florida do not rely on credit. If a person owns a vehicle with a clear title, he or she can use it as collateral to access cash. Ultimately, these types of loans can buy some more time in the foreclosure process while a more permanent solution is worked out.

For those facing foreclosure, there are options. If you really want to stay in your home, contact your lender first. If your lender cannot help you, remember that there are other alternatives available.



Embassy Loans is a leading provider of auto title loans since 2005

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Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

Monthly Interest Rates range from 1.5% to 2.5% (18% to 30% APR), with 15-18 Month Terms.

No Prepayment Penalties!

Embassy Loans uses “Title Loans” for advertisement purposes only and provides auto equity loans. Embassy Loans Inc. is licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such Embassy Loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of Embassy Loans’ activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.

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Frequently Asked Questions

What is an Auto Equity Loan?

An auto equity loan, sometimes known as a car title loan or a car equity loan, is a type of loan that allows you to borrow money by using your vehicle as collateral. The loan is secured by your vehicle, meaning you agree to use the equity in your car to back the loan. 

What is an Unsecured Personal Loan

An unsecured personal loan is a loan that does not require collateral. Funds are provided based on your credit worthiness and your ability to repay. 

What Is the Credit Builder Program

The credit builder program is designed to help individuals establish or improve their credit score with the primary purpose of building a positive credit history through regular payments.

Can i have more than one Loan at a time?

Embassy Loans can only extend one loan at a time and it’s advisable to start with one and focus on making payments in a timely manner to prevent default.

What happens if I miss a payment?

Missing a payment can have negative consequences, including late fees, a drop in your credit score, and potential default on the loan. Consistent, on-time payments are crucial to benefit from the program.