Many homeowners who never thought they would be faced with foreclosure now find themselves in that vulnerable position.
Falling housing values that have decreased homeowner equity and the inability to re-finance adjustable mortgages when rate increases come due are two primary causes of the crunch millions of homeowners are facing.
Homeowners have an underutilized tool for staying out of, or getting out of foreclosure.
This excellent tool for short term solution to foreclosure is the cash advance.
By obtaining a cash advance, a homeowner can keep foreclosure at bay while a longer term solution is sought.
If more time is needed, the cash advance can be "rolled over" until such time as the homeowner finds a solution.
Many homeowners have credit cards that have cash advance features, allowing a certain amount (less than the credit limit, but substantial) to be withdrawn as an instant loan.
Now there is a new solution for homeowners needing a fast solution.
Cash advances are now available from lenders on a near-instant or overnight basis without the need for a credit card.
The borrower simply presents proof of employment and some simple bank account records, and the homeowner is able to borrow cash.
The process is much simpler and quicker than any traditional loan, and is therefore ideal for the individual facing a sudden need for cash, whether to stop a foreclosure or to pay unanticipated bills.
Homeowners should consider the cash advance tool, and use it when it comes to keeping their homes and maintaining their credit ratings