Bridge Loans

There are a number of mortgage and foreclosure terms that many people do not understand when they apply for a loan or mortgage. One of these terms is a bridge loan. This type of loan is generally considered a temporary loan because it has a very short duration – typically a few weeks to a few years – and is generally only used until a more stable loan is put in place. Many lending companies do not offer bridge loans because they are regarded as high-risk and are used mostly on foreclosed or transition properties.

If you are facing financial difficulties and can no longer make your mortgage payment, you may be at risk of foreclosure. Take action today and contact the Boca Raton foreclosure defense attorneys of Eric N. Klein & Associates, P.A., by calling 561-353-2800 to schedule a free consultation to discuss your legal options. Obtaining a bridge loan may offer you the reprieve that you need.

What Can a Bridge Loan Do For You?

Bridge loans are frequently utilized in support of real estate transactions as they may allow for faster closing. These loans are taken out to pay for a new property while the borrower is still in the process of selling an old property. After the borrower sells the old property, he or she can pay off the bridge loan.

Bridge loans can be very risky because they often have a high interest rate compared to other loans. If you have taken out a bridge loan and are now in debt, you need to speak with a professional legal representative about your options. Otherwise, a bridge loan may help you to temporarily stave off foreclosure while you restructure your financial situation.

Contact Us

Take action today to keep your home or protect your investment. Contact the Boca Raton foreclosure defense attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800.