When banks say no, private and alternative mortgage lenders can provide the financing you need to pay off arrears and stop foreclosure — fast.
Private lenders are individuals or companies that provide mortgage financing outside of traditional banks. Unlike banks that focus heavily on credit scores and income verification, private lenders primarily look at the equity in your home. If your property is worth significantly more than you owe, a private lender may refinance your mortgage — even if you have poor credit, inconsistent income, or are already in foreclosure.
1. The private lender pays off your existing mortgage — including all arrears and legal fees.
2. Your foreclosure proceedings stop immediately because the debt to your original lender is cleared.
3. You now have a new mortgage with the private lender — typically a 1-2 year term.
4. During that term, you rebuild your financial situation and eventually refinance back to a traditional lender at a lower rate.
Private refinancing works best when you have significant equity in your home (typically 20-35%+ of the property's value). The higher interest rate is a short-term cost to stop foreclosure and save your home — not a permanent solution. We help you plan the exit strategy from day one.
Free assessment — we'll tell you if you qualify and what it would cost.