How to Avoid Foreclosure

If your house goes into foreclosure, the bank or mortgage company that holds your loan petitions the court to sell your property to pay off your debt. Because of the severity and serious nature of foreclosure, it’s beneficial to avoid it if you can. One way of avoiding foreclosure is to take out a title loan using your car title. A title loan can give you fast cash without waiting for approval. What’s more, there’s no credit check to worry about.

What is a Title Loan?

A title loan can fit well into a foreclosure prevention plan. In some states, a title loan is known as a title pawn because this type of loan is similar to the process of pawning a piece of jewelry or another expensive item. As long as you hold a lien-free auto title, you can use your car as collateral for a loan. Holding a lien-free title indicates that you own your car without any other loans against it and that no judgments exist against your car. A title loan allows you to tap into the equity you have in your car and the car’s value to get the fast cash you need to prevent foreclosure. While some title loans can involve steep interest rates, we keep our interest rates competitive, so borrowing money could me much less expensive with us.

Benefits of a Title Loan

You may think that a foreclosure situation could make it difficult to obtain a title loan. On the contrary, bad credit doesn’t impact your ability to get a loan from us, because we often do not check your credit at all. This means that whether you have bad credit or no credit at all, you could receive a title loan.

How Can a Title Loan Help with Foreclosure Prevention?

The foreclosure process differs from state to state, but we can tell you how to possibly avoid foreclosure. Failure to make mortgage payments will lead to your lender mailing you notices. Ignoring these notices will eventually lead to the lender concluding that you are not going to make payments, and the lender will file a public notice about mortgage default. Once this happens, the lender has several options. If you do not attempt to resolve the default, the lender will sell the property, transfer it to a third party for auction, or maintain ownership of the property for a period of time. It’s also possible for you to use a legal grace period to reinstate your mortgage, which could be instrumental in preventing foreclosure. In this scenario, you would resume your mortgage payments and pay off the defaulted amount to bring your loan back to current status. We can help you resolve a defaulted mortgage by working with you to tap into the equity of your car with a title loan.

The Application and Approval Process

The details of how to avoid foreclosure are simple. Gather your title and a government-issued identification card. You can either visit us in person or you can initiate the application process online. The time it takes to apply for and receive your loan is typically in as little as 30 minutes. A representative will conduct a fast appraisal of your vehicle to help determine the amount of your loan. Your car’s value, the amount of money you need, and your ability to repay are the factors that will determine the amount of your title loan. We will present a loan amount and the terms. After accepting the terms and signing the papers, we give you the cash and you leave in your car. This enables you to continue using your car during the entire loan period, which we know is important for your overall success and stability.

Getting Your Title Back

Make the payments on your title loan per your agreement. Making payments is easy and convenient. You can use a debit card, Western Union, or cash. You can even pre-pay your loan amount to satisfy your loan early if you wish, without penalty. At the end of the loan period when you have repaid the loan in full, we release the lien on your car and you get your auto title back.