Emergency Home Owner Loans to Avoid Foreclosure (TX, GA, NC, VA)

Where Borrowers Find Loan Approvals

Emergency Home Owner Loans to Avoid Foreclosure (TX, GA, NC, VA)

Today our focus is in regards to emergency loans for people who want to avoid eviction/foreclosure, and we will be exploring four different emergency loans from four different states.

Our first loan to avoid foreclosure was requested in San Antonio Texas, then off to Atlanta Georgia, then Charlotte North Carolina, and finally over to Richmond Virginia.

These applicants wanted to be approved for relatively small principles between $1500 and $5000. These small loans were simply just enough money to pay their creditors and stave off foreclosure and subsequent eviction. There is a process for foreclosure that is a little bit different depending on which State you live in, but nevertheless, the end result is the same – you are evicted, and the house is put up for auction usually before the distressed homeowner has left the house, condo, trailer, townhouse, or commercial property.

The San Antonio borrower was requesting $5000 and they had bad credit with a very low FICO score (to their name). The borrower in Atlanta, GA only needed $1500 to avoid foreclosure, and the homeowner in Charlotte North Carolina was requesting $3000. In our final loan the borrower living in Richmond Virginia was requesting a $2000 loan and their FICO score was only 390 at the time. You will see different FICO scores for the credit ratings of all of these distressed homeowners below.

The status of default for all of these homeowners was different in subtle ways, in that some of them had received their accelerated letter from the bank telling them that their full balance was due on their mortgage payments. Some of them had already hired a foreclosure attorney or lawyer, and some of them were already in the court system. I believe there is just one example of a homeowner that had received their formal notice of foreclosure from their bank.

For the sake of this publication we are going to omit the actual names of the banks involved because we are not trying to skew perception of the so-called “good banks” and “bad banks”. Every distressed homeowner has a different story in regards to why they are in the financial straights they are in (of course), so you can’t lay blame squarely on one particular entity – the lender (bank or credit union), or the homeowner. Basically, we want to keep politics out of the equation for now. You understand I’m sure.

In this publication we are going to add some commentary from the actual applicants to show some of the stress factors involved with foreclosure and eviction. Unless you have actually been there yourself, and have had the misfortune of receiving a foreclosure notice in your mailbox, you can’t truly understand how gut wrenching and scary that situation can be.

Your humble narrator knows exactly with this feeling is like – it was completely devastating for me emotionally and for some time I was a walking zombie. The good news is that once it was over, and the bankruptcy was complete, I realized that life does actually go on after foreclosure and bankruptcy.

Since all of these borrowers had a limited amount of monthly income, they were looking for loans that were not predatory in nature, and they wanted to get approved for an installment type loan whereby they paid a small amount monthly or biweekly. They wanted a loan that was completely unsecured with no credit checks – loans that only require you to have a monthly income. Suffice to say that people who are in the process of almost losing their homes have usually very little credit left, and moreover and they have credit scores down in the low 400s (sometimes 300s).

We had to create a new product nomenclature acronym for foreclosure avoidance, and you will see in the tables below that we used EmFor – this is a acronym here at FUSA, and only for our purposes.

As usual we have included all of the normal loan parameters such as annual percentage rate, monthly payment amount, days until first payment, total amount of money paid back to the lender, total principal on the note, and total interest paid out to the lender over the duration of the term. We have included all of the areas that the involved lenders service in the respective State of question. One extra thing we did include today is the number of payments delinquent by the distressed homeowner.

So let’s get started.

Emergency Loan for Homeowner in  San Antonio, TX ($5000)

Emergency Loan to Avoid Foreclosure in  San Antonio, TX ($5000)

Our first homeowner was delinquent by two payments on their mortgage and they were facing foreclosure, but they didn’t have their formal notice yet from the bank. They had received a 20 to 30 day notice from the bank regarding their default(s) mortgage payments, but the foreclosure was not in the courts as of yet – nor had they received a summons for a court appearance.

Their mortgage payment schedule was a monthly one and they required a $5000 emergency loan to get caught up on their payments and avoid foreclosure (and subsequent eviction). They were going for a fairly high annual percentage rate of 21% on this note and they were going to start their payments 10 days after application approval/funding.

The problem is that their DTI was in such a State that making a monthly payment of approximately $250 was going to be pretty tough. This borrower is a husband and father who lives in San Antonio (TX) and his wife is a stay-at-home Mom so they don’t really have much left over at the end of each month after all the bills are paid.

The reason they were two months behind on their mortgage payments is because he was unemployed for two-three months due to layoffs with his last employer. Unfortunately, they didn’t have a rainy day fund put away for just this reason and that’s a pretty tough place to be when the water is rising high (so to speak).

His credit score was low at 487, but in comparison to the other borrowers here today you will see that his FICO score was actually not the worst. The lender they used was a private lender that provides bad credit loans throughout Texas, including Dallas, Houston, Lubbock, Austin, Corpus Christi, San Antonio, etc.

Finding a legal lender that provides quick loans for distressed homeowners is no simple task, and this borrower used our website to make their risk-free pre-application. We will be right up front about this and tell you that it’s not always a hassle-free situation when you are trying to get approved for an emergency loan over $1000. Getting emergency loans for over $500 can be a challenge even. If you have been looking for emergency financing and you have a credit score below 600 you will know this to be true.

So in this case our San Antonio resident borrowed $5000 as the principal, with a total pay back to the lender of $6100 over a term of 24 months (two years). The total interest paid back on this loan was just shy of $1100, and the monthly payments came in at just over $250 per installment.

Loan App $5000 Loan to Avoid Home Foreclosure in Texas (Emergency Situation)

  • Received Formal Notice of Foreclosure from Bank: No
  • Received Accelerated Letter from Bank (full balance due): No
  • Received 20-30 Day Notice from Bank for Default: Yes
  • Is Foreclosure in Courts Yet: No
  • Have You Hired a Foreclosure Attorney/Lawyer Yet: No
  • Have Your Received a Summons for Court Appearance: No
  • Mortgage Payment Schedule: Monthly
  • How Many Payments Delinquent: 2
  • Finalized Approval for Emergency Loan: $5000
  • APR: 21%
  • Monthly Payment: $253.98
  • Days Until First Payment: 10
  • Total Monies Paid Back: $6095.52
  • Total Interest: $1095.52
  • Loan Term Length: 2 years (24 months)
  • Credit Rating FICO Score: 487
  • Loan Product Nomenclature: EmFor
  • Homeowner’s Area of Residence: Lone Star, San Antonio
  • Other Areas of Lender’s Service: Dallas, Fort Worth, Houston, Lubbock, Austin, Waco, Corpus Christi
  • Main City of App. Origin: San Antonio
  • Homeowner’s State: Texas
  • Signature Only Loans:✘
  • No Doc. Loans:✘
  • Unsecured Loans: ✔
  • No Credit Checks:✘
  • Bad Credit OK: ✔
  • Loan Based on Job Income Only:✘

Applicant’s Comments Before Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

My name is (removed for user privacy) and I have a full-time job now in San Antonio Texas, but I was laid off for a couple months from the company that I used to work for. I have a job now but I am not on probation on this job and I have a back credit rating so I really need to find a loan quickly and I’m hoping that will find a lender that will do business with me and my family. I have a back credit rating because we fell behind our bills and we have had trouble just keeping ourselves and keeping the lights on in the heat on in our house. My wife and I are extremely stressed out about the situation and we’re praying that we will get a lender that is fair and not predatory one. I’ve heard a lot of nightmare stories about companies and banks and credit unions to take advantage of people like us and we really need to get a hand from of honest broker at this point.

We need to get $5000 as soon as possible because we are behind by two months of her mortgage and we have had a notice from the bank regarding our default. If we don’t get our act together really soon we are going to be in a situation where we have to foreclose on the mortgage and we will lose the house and everything. I really need to avoid the situation for the sake of myself and my family. Our kids don’t know anything about this and Christmas is coming up soon so I really need to get this help please. I am requesting $5000 and I’m hoping that the money can be in my bank account within three days. I do have enough money to make the payments to you but they have to be installment payments that I can pay over time. I just can’t afford to pay back a loan with really high interest. I can’t have a payday loan at all because I have already learned my lesson with those guys. Thanks for considering us for this loan. May God bless you.

Applicant’s Comments After Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

Thank you thank you thank you from us and especially for my wife and kids because we were so relieved to get approved for this $5000. It took one week to get it all approved and in our bank account but it was just in time so that we could avoid foreclosure. This was the kind of emergency that I always dreaded but thanks you and your lenders we managed to get in all pull together. Since then my wife is got a job part-time and she is looking after a couple of the kids with a sort of in-home daycare situation. This is made all the difference in the world and we have enough money to pay back this loan on time and hopefully start to rebuild our credit rating again. For my wife and I we just want to say thank you so much again.

$1500 Emergency Loan to Avoid Foreclosure in Atlanta GA

Homeowner Foreclosure Avoidance Emergency $1500 Loan in GA

So for our second loan for the purposes of avoiding foreclosure is down in Atlanta Georgia, and in this case the borrower wants to get an emergency loan of $1500 approved overnight. In fact, this borrower wanted the loan approved within 30 minutes, and they were willing to get any kind of cash they could because they have received their final notice from the bank on their default it mortgage. In fact, this mortgage is before the courts and they have hired an attorney to try and help promote their end of the deal. From what we gather this is a last ditch attempt at getting themselves out of a tight bind. This is definitely an emergency.

To be honest with you we feel that in this situation where they have received a summons for a court appearance and they have received their final notice of foreclosure from the bank, their basically grasping at straws. We will point out before we provide their data that they did indeed foreclose and they were evicted as per the court order. Like we mentioned earlier, we won’t mention the name of the banks involved in this foreclosure but we will state that there was some serious shenanigans going on with this mortgage agreement.

Once again, be careful what you sign and make sure you read the contract/agreement thoroughly, and if you don’t want to read it, make sure you bring it to a lawyer to read and decipher for you. Too many people have been screwed using banks who are unscrupulous and frankly criminal. Hopefully this will change a little bit with the new regulations going through Washington with the Dodd/Frank bill.

Anyways, this was not a payday loan for this emergency – they wanted to get a typical installment payment each month over a period of one year. 12 months of payments at close to $130 per because basically that is all they could afford. We have much more below in regards to where these folks were at with their monthly income and their debt-to-income ratio, but for now we will just highlight the details of the loan they did get approved for.

Actually, they tried to get a title loan with a vehicle that they own, but unfortunately the car was too old, so they had to forget about that and try to get a loan that was just simply unsecured. They were looking for what they call a signature loan that doesn’t require documents or any credit checks – a loan based on income only. The wife has a job at a dry cleaners in Atlanta and her husband is collecting a disability pension because he is an Iraq veteran who has difficulty working or getting hired because he’s just learning how to live with one arm and one leg. In fact, he tried to get approved for military loan at one point but was unsuccessful with that.

So the numbers on this $1500 emergency loan came to a total interest charge of $108, with a 12 month payment plan and the total amount paid back to the lender of $1600 (also approximately). There was five days before the first payment or installment was due. The APR on this was 15% which was reasonable considering the fact that her credit score was 550. Certainly not the end of the world as far as credit scores go but still quite low in comparison to what a good FICO score is.

The lender in this case does loans nationally, with the highest concentration we see for approval and funding are in the state of Georgia in areas such as Macon, Athens, Albany, Gainesville, Waycross, and Augusta. We actually see the data in regards to loan approvals as per county, city/town, state, and even demographics such as age and income level(s). To learn more about our data sources, please read our privacy policy, or read our page about how to apply for a loan.

In this case, as in most cases of emergency financing and foreclosure, the applicant has credit cards that are maxed out and to the limit and they don’t have the ability to use credit card cash to circumvent a pending foreclosure on their property. We did add this information in the data table below, but this applicant had $7000 owing on her Visa card, $12,000 owing on her American Express, and a vehicle loan on her 2009 Lexus SUV that was in default as well. Pretty much a total cluster of the situation. With this kind of credit card debt and no chance of consolidation, a foreclosure was imminent.

In the end they did get their money from this last ditch attempt at improving their financial situation, but it didn’t do much except add insult to injury. By the time they get the money in their bank account it was a done deal and they never even retained an attorney for longer than three days.

Emergency Loan App for Atlanta Georgia Applicant to Avoid Foreclosure (data)

  • Received Formal Notice of Foreclosure from Bank: Yes
  • Received Accelerated Letter from Bank (full balance due): Yes
  • Received 20-30 Day Notice from Bank for Default: Yes
  • Is Foreclosure in Courts Yet: Yes
  • Have You Hired a Foreclosure Attorney/Lawyer Yet: Yes
  • Have Your Received a Summons for Court Appearance: Yes
  • Mortgage Payment Schedule: Biweekly
  • How Many Payments Delinquent: 9
  • Finalized Approval for Emergency Loan: $1500
  • APR: 15%
  • Monthly Payment: $133.99
  • Days Until First Payment: 5
  • Total Monies Paid Back: $1607.88
  • Total Interest: $107.88
  • Loan Term Length: 12 months/1 year
  • Credit Rating FICO Score: 550
  • Loan Product Nomenclature: EmFor
  • Homeowner’s Area of Residence: Atlanta
  • Other Areas of Lender’s Service: Macon, Augusta, Albany, Athens, Gainesville, Waycross
  • Main City of App. Origin: Atlanta
  • Homeowner’s State: Georgia
  • Signature Only Loans:✔
  • No Doc. Loans:✔
  • Unsecured Loans:✔
  • No Credit Checks:✔
  • Bad Credit OK:✔
  • Loan Based on Job Income Only:✔

Applicant’s Comments Before Application

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

My name is Angela and I live in and Atlanta Georgia and I am begging you for a small loan so we can pay for our attorney who is representing us and an impending mortgage foreclosure. We really don’t have any options at this point and if we don’t get things under control we could end up out on the street before long. I have been there before when my turns foreclose on their house and I was only a child, and I don’t want to do that to my kids now too. I have tried everything I can to try and get enough money in the bank so that we can move on and keep our house but it doesn’t look like I’m going to have any luck with this at this point. The people at the bank are pretty nasty and it looks like we were sucked into a bad mortgage agreement that had ballooned payments attached to it. I feel like such a fool because I have let down by self, my husband, and my kids. Not to mention, that I am terribly embarrassed by all of this and it would be a great disgrace if we ended up out on the street and we don’t get this mortgage fixed. My husband can really work anymore because he is a veteran who lost a leg and arm in Iraq and we are barely making it by as far as keeping the power on and food in our stomachs. So I appeal to you with great hope that we can get this small $1500 loan just to pay the attorney and keep him representing our situation for a possible mediation of payments to are creditors so we can stay in the house. I know that a friend of mine who lives in Laredo used your site to find a lender when she was in dire straits and she was successful in getting approved. We are willing to spend as much as 25% interest on this loan but it has to be an installment loan so that I only make payments once a month. We have used your loan calculators to figure out what our payments would be and I think this is manageable. We can really afford anything more than $150 a month on this loan so please keep that in mind before lenders contact us. You can call me at home on the phone or you can e-mail me whenever. Just please get back to us as soon as possible so we get this money in the bank and move on with our plans.

Applicant’s Comments After Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

Thank you for proving the loan within 24 hours like you said was possible but unfortunately we have had to leave the house and let the foreclosure go through. Apparently we were just dreaming as far as being able to keep our house with the financial situation we were in. We have just moved in with Danny’s parents and the kids are still in school so things are sort of okay, but we sure miss having our home. Someday we are determined to get our feet back on the ground financially and get our credit ratings repaired. We have had enough of this pain and we want to turn around her finances in a major way. My husband has got some help from the new programs that the Obama administration has put forth for getting veterans employed. Without that helping hand we would have been destitute for much longer I believe. Anyway, thank you for helping us out the way you could.

Emergency Loan for $3000 to Avoid Home Foreclosure (Charlotte, NC)

Emergency Cash Loan For $3K to Avoid  Foreclosure – Charlotte, NC

In Charlotte North Carolina we had another borrower claiming an emergency situation whereby they needed a $3000 loan to avoid foreclosure and eviction. These folks needed a cash loan fairly quickly because they had received their 20-day-notice from their bank stating that if they didn’t come up with the money they would be receiving an accelerated warning letter from the bank and a formal notice of foreclosure. This is every homeowner’s worst nightmare of course, and we will be getting into their situation here and now.

In this case their mortgage schedule is one payment each month and I believe their monthly mortgage payment was $1800 or thereabouts. Our data shows that they were deliquent by one payment so they were not quite in a position where it was going to be an imminent foreclosure and eviction.

In this case a relatively small cash loan of $3000 would do the trick and they could pretty well pay the bank and be flush again. However in this case the amount of spending that was going on with these debtors was extreme. There was a total of 14 credit cards between this couple and the total credit card balances came to a whopping $120,000. Only the good lord knows how they managed to get that kind of credit, but we’ve seen it before. In fact, they had at one time did a credit card debt consolidation to try and get their act together, but it didn’t work out that way – they just started spending more and more. Unfortunately, all of this spending caught up with them and they were dangerously close to losing their house.

The details for this emergency loan go as follows: $3000 principal, with an annual percentage rate of 12% with monthly payments approximately $265, with the total amount of money to pay back the lender of close to $3200 and the total interest accumulated for the year (raw mathematics) of $180 or thereabouts. Their FICO score (and when I say they, I mean one applicant whose name we will keep to ourselves for his privacy) was down in the lower 400s (432 to be exact) and their credit card payment history was abysmal. The lender for this example services North Carolina, South Carolina, Virginia, West Virginia, Mississippi, Louisiana, and Alabama. At this point they don’t do loans in the state of Florida (or New York).

Ultimately this borrower was approved for their $3000 loan and his partner managed to get a job as a welder’s assistant – between the two of them they began to get their finances basically under control. Fortunately they did not foreclose on their house and they are on their way back out of the red. However, they had to make some drastic changes in regards to their spending and they had to get rid of all other credit cards completely. When I say drastic, I mean that they changed everything in regards to how much they spent, what they spent their money on, and how much they earned. A combination of growing your income higher per month and drastically dropping your payments is the only true way to make a severe change in your financial house of cards.

Loan Request Data for Home Foreclosure Emergency Situation

  • Received Formal Notice of Foreclosure from Bank: No
  • Received Accelerated Letter from Bank (full balance due): No
  • Received 20-30 Day Notice from Bank for Default: Yes
  • Is Foreclosure in Courts Yet: No
  • Have You Hired a Foreclosure Attorney/Lawyer Yet: No (contacted one though)
  • Have Your Received a Summons for Court Appearance: No
  • Mortgage Payment Schedule: Per Month
  • How Many Payments Delinquent: 1
  • Finalized Approval for Emergency Loan: $3000
  • APR: 12%
  • Monthly Payment: $264.96
  • Days Until First Payment: 12
  • Total Monies Paid Back: $3179.52
  • Total Interest: $179.52
  • Loan Term Length: 12 months/1 year
  • Credit Rating FICO Score: 432
  • Loan Product Nomenclature: EmFor
  • Homeowner’s Area of Residence: Charlotte
  • Other Areas of Lender’s Service: Greensboro, Fayetteville, Wilmington, Greenville, Winston-Salem
  • Main City of App. Origin: Charlotte
  • Homeowner’s State: North Carolina
  • Signature Only Loans:✘
  • No Doc. Loans:✘
  • Unsecured Loans:✘
  • No Credit Checks:✘
  • Bad Credit OK:✘
  • Loan Based on Job Income Only:✘

Applicant’s Comments Before Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

Hello my name is (removed for borrowers privacy) and I am applying from Charlotte North Carolina. My partner had a small car loan through your website last year and I’m wondering if I can use your bank of lenders to help us again. The situation is that I hold the mortgage on our house in Charlotte and I have been late on my payments by one month and if I don’t get things back on track I am going to lose this house and my partner and I will be thrown to the wolves. I don’t want to sound too dramatic but this is a emergency situation if I’ve ever seen an emergency situation before. I know that it’s not life or death, but the stress we are under is extreme and we just love our neighborhood, our neighbors, and the house. This is only a small bungalow that we live in and it’s only worth about $220,000 last time we had it appraised, but we have barely any equity in it and we are desperately trying to keep the home. We have had one phone call in one letter of notice from my bank and they are promising to foreclose on our property if we don’t come up with this money within two weeks. I read through our mortgage agreement with this bank and it looks like they have every right as far as this document goes to foreclose on the and put the house up on auction. Please help us get this loan as soon as you can with one of your lenders. When my partner got approved for his car loan on your website he waited three business days before he had the money in his bank account. That is pretty fast and he was pretty happy. I am asking for the same kind of speed on this loan, and if I had my druthers I would have this approved in just minutes. Of course I know that is not likely to happen for a $3000 loan but you get the point. Please help me out as fast as you can and maybe we can even have a good night sleep because the stress has been brutal the last couple of months. We just don’t know what to do if we lose our house and and up out on the street. We even might have to move out to California if this goes wrong. God bless and thanks in advance for your consideration.

Applicant’s Comments After Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

We were approved within eight days (including the weekend) and we did get the $3000 over a one-year period so all worked out okay. The payments are reasonable and we are making it through so we want to let you know that we really appreciate your service and how it helped us out in this bad time. We are not going to lose her house and we’re not going to be facing foreclosure so we couldn’t be happier. Thanks again.

Emergency Foreclosure Avoidance Loan for $2000 in Richmond, Virginia

Richmond VA Renter Requires $2K Cash Loan to Avoid Foreclosure

Our final emergency funding comes from Richmond Virginia for $2000. This applicant was facing foreclosure but the bank had not proceeded to court as of yet. Pretty close though.

This homeowner was delinquent by three months worth on his payments and required the loan here to get this cleaned up a little bit before he ended up losing his house. He gave up all of his equity on the matrimonial home that he had with his ex-wife, so he was barely hanging by a thread financially when he bought this second house. Because he wasn’t thinking too clearly he made some decisions that set him up for defaulting on payments – creating a bad credit score.

At the time of this application his credit score was 390 which is a FICO you don’t want to deal with. He was seriously considering personal bankruptcy at the time and even with the job that was secure he thought that might be the only option he had left. The bank had sent him two letters regarding his defaulted mortgage payments and a formal notice of foreclosure. However, because of the way the laws work in the State of Virginia he wasn’t completely destitute yet. If he managed to get a loan to pay back the bank the money, and within the next three weeks, he would still be able to keep his house.

It’s always a challenge when you hear about these situations and you can only hope that the homeowners in question can get their finances in order so they don’t lose their property and their investment.

This loan was for a principal of $2000 and an APR of 10% – the monthly payment was just over $340, and the first payment was made three days after the application process was complete. The total interest on this note was only $52 (and change) because the loan was only for a six-month term. This was a remarkably low annual percentage rate considering that the applicant had such a low FICO score – this doesn’t even seem right to me, so if you don’t mind I’m going to go check out the data on this first.

(research interlude – imagine elevator music here please)

Okay, I checked. They did get an interest rate of 10%, but he used an ATV for collateral on this loan. So basically a title loan. So in this case we will have to disregard all of the checkmarks and X marks in the bullet points below because the way I see it this is not a signature loan, and would require documents filled out and credit checks carried out. So this was not a loan that was just based on job income. Nevertheless, he was approved for the loan and he staved off foreclosure by the skin of his teeth.

The lender in this case has been around for about a decade now and they do loans in the Virginia’s, the Carolinas, Florida, Mississippi, Alabama, and Louisiana. They were shut down for one year because they got themselves in a little bit of hot water due to some fee structures they were using that were illegal in two of the above States listed. Nevertheless, they got their act together, reapplied for a license, and they were lending again. The data shows that the most common areas of loan application and the loan processing for the state of Virginia come from the areas of Norfolk, Virginia Beach, Charlottesville, Petersburg, Suffolk, and Roanoke. We see quite a bit of concentration and the Norfolk area because of the military loans that come from the base.

The monthly payment on this loan was $340 which isn’t all that bad if you consider that it was a situation that was dire and certainly an emergency. Hopefully this borrower has gotten their personal finances back in order and now on the right track.

Loan for $2000 to Avoid Home Foreclosure in Virginia (Richmond)

  • Received Formal Notice of Foreclosure from Bank: Yes
  • Received Accelerated Letter from Bank (full balance due): Yes
  • Received 20-30 Day Notice from Bank for Default: Yes
  • Is Foreclosure in Courts Yet: No
  • Have You Hired a Foreclosure Attorney/Lawyer Yet: No
  • Have Your Received a Summons for Court Appearance: No
  • Mortgage Payment Schedule: Per Month (last Friday of each mo.)
  • How Many Payments Delinquent: 3
  • Finalized Approval for Emergency Loan: $2000
  • APR: 10%
  • Monthly Payment: $342.02
  • Days Until First Payment: 3
  • Total Monies Paid Back: $2052.12
  • Total Interest: $52.12
  • Loan Term Length: 6 months – 6 payments
  • Credit Rating FICO Score: 390
  • Loan Product Nomenclature: EmFor
  • Homeowner’s Area of Residence: Richmond
  • Other Areas of Lender’s Service: Roanoke, Virginia Beach, Norfolk, Charlottesville, Suffolk, Petersburg
  • Main City of App. Origin: Richmond
  • Homeowner’s State: Virginia
  • Signature Only Loans: ✔
  • No Doc. Loans: ✔
  • Unsecured Loans:✘
  • No Credit Checks:✘
  • Bad Credit OK: ✔
  • Loan Based on Job Income Only:✘

Applicant’s Comments Before Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

I live in Richmond Virginia and I work as a appliance salesman for a local store here and I have been working for over the last three years at the same store the same employer doing the same thing. I may appear to be a back credit for or and my credit score is below 400 the last time I looked. But I assure you that I am a good person and I will pay back this loan as soon as I possibly can. I can’t afford to make payments of close to $400 a month if I really have to and I am willing to make these kind of payments because I have to keep my house. I have received my first foreclosure letter from the bank and I am desperate to get this done as soon as possible this is a real emergency so please get back to us as soon as possible with some lenders that may help me out.

I have already done some consolidation on my credit cards and I have balances that are reaching the $15,000 point now and I don’t have any cash I can use to hold back the banks. I am asking you from the bottom of my heart and with all sincerity to please come forward and help me get approved fairly quickly. I have seen other people on your site who been approved for all kinds of different loans and I would like to be in those ranks if I could. You will be doing me a huge service and I will tell the world if you come through with me on this loan. I need to borrow $2000 within the next two weeks or I am going to be in risk of losing my house. I have not received a summons for court and I have not received accelerated letter as you call it, but from talking to the bank on the phone it looks like I will be facing foreclosure if I don’t hurry up and come up with this quick cash.

I love this house because of the lockout style that has and I love the whole provide we have in my neighborhood, and I’m really kicking myself for not having taken the proper steps to avoid the situation I’m in now. It could’ve been avoided and rate now I am going to be in serious trouble if I don’t find some foreclosure avoidance money. I know that you hear sob stories all the time on your website (because I have read lots of them) and I am sure you probably take it with a grain of salt, but I’m telling you that if you let me this money I will be a fantastic customer and I will pay back all of the money I owe you without issue and never late.

I don’t know what else I can do at this point because I have tried to get approved with some local banks here in Richmond and I have even tried borrowing money from my parents and my family. No one will help me at this point because I have made so many bad choices in the past and I am looking for a second chance. I am desperate for this loan and I appeal to you and your lenders to pull me from the darkness and help me get this done. But lose this house I will be extremely depressed and I sometimes wonder if I will even pull through at all that this happens. Can you please tell your lenders that I only want the loan for six months because I have some extra income on the side it’s coming through from a little business venture that my sister and I started up last year. We are actually starting to get some sales through on our little business here and we are positive that I will make at least $400 a month extra going forward. So this is why I can handle making my payments on this loan without issue. Thanks for taking the time to consider me.

Applicant’s Comments After Approval

[dictated from phone conversation with loan officer – paraphrased, and edited for privacy]

I just wanted to write back and e-mail you guys say that we got approved for the $2000 and I can’t thank you enough. You really save my ass man. I will tell all of my friends about your services and I will spread the word because you guys came through for me lightning fast and I was actually speaking with one of your lenders in about three hours after I made the application. I was approved two days later and I had the money in my bank account on the third day. Plenty of time to save myself from foreclosure and I got the bank off of my back. So I have made some changes to the way I’m spending money in the way I am saving money. I have learned my lesson and I plan to pay this payment back every month on time for the next four months and I have not been late at all yet on the first two months. So anyways, have a great day and I thank you from the bottom of my heart.


So there you have it – three out of four ain’t bad. You see a lot of these kinds of loan applications being made out every day online by thousands of different homeowners across the United States who are in an emergency situation and they have to get approved fairly quickly or they are going to be out of luck and possibly out on the street.

In most cases, people who do foreclose on their homes and mortgages end up staying with family or friends in the short term while they get themselves back on their feet (financially that is). Remember that if you are facing foreclosure and you find out that you can’t get approved for any kind of loan anywhere (and that includes our site) it’s not the complete end of the world. As I have mentioned above, your humble narrator went through foreclosure (and personal bankruptcy) at one time and I can tell you that I thought it was the end of the world coming and I felt like a real loser because I was so bad with my money.

I have made so many bad decisions over the years. Guess what? I survived!

I want to remind you that if you need to get a loan to avoid foreclosure (whether it be a short-term six-month loan or a loan spread over a couple of years) you can use the pre-application form below to communicate with our lender base. We have over 120 lenders now that approve loans for people who have bad credit and are in an emergency situation. However, all of these lenders are different in their policies and procedures, including their documentation and their loan agreements. We screen all of our lenders when they join and we screen them every year to make sure they are not breaking the law and they are not acting in a predatory fashion. But, it is imperative that you take the bull by the horns and you carry out your due diligence when you are looking at signing an agreement with a lender online or off-line.

I know it seems a little bit counterproductive for us, but we suggest that you get a loan with your local bank that you do business with now, or perhaps a credit union in your neighborhood before you use an online lender. And yes, that includes all of the online lenders in our database. We know we are losing profits (because sometimes we get a small commission on an approved loan) by saying this, but for your own good you should be looking at getting a loan in your local community first before you ever go online. There are many different predatory lenders you have to watch out for when you are getting a loan through the Internet, and you have to do your research and look for reviews on the different lenders before you go ahead and sign the dotted line.

Foreclosure is the worst situation to be in financially and the most stress by far for respective borrowers and customers. We wish you all the best and hope that you get approved very soon so that you can also avoid foreclosure.