Foreclosure is one of the things in life that nobody wants. If the car, the house or other valuables auctioned for financial reasons, then the consumers concerned have arrived at the end of a long road.
A foreclosure sale is only possible when all other means and ways have really been exhausted to serve the creditor. For the debtor, this foreclosure means that he has to part with his property. And not always at the price he wants in this difficult situation.
No wonder that many consumers in such a situation once again try with all their might to avert the compulsory auction. The thoughts wander then usually to a loan despite compulsory auction, which should bridge the financial bottleneck and serve the creditors. But who is close to foreclosure, is not necessarily a welcome guest at banks. And certainly not when he wants to borrow money.
It can not be done without help
For this reason alone, it will not be possible to accept help from other people for the loan despite compulsory auction. You yourself definitely will not get credit from the house bank or another traditional bank in this situation. And a loan without Schufa would be too expensive in this situation. One must therefore look for a guarantor or a co-applicant, who can secure the loan with his high income, the very good credit rating and many other securities. It’s not easy to find such a person, everyone should be aware of it. But there is hardly any other alternative to getting a loan despite foreclosure.
The guarantor or co-applicant should be well selected. Not only a good credit rating is important, but also absolute trust in the actual borrower. Both have to become partners in order to pay off the loan bit by bit. It is advisable in such a situation to take out a residual debt insurance to get a little more security in the credit. In addition, both credit partners should agree from scratch on how the repayment works.
It is therefore quite difficult to accept a loan under these circumstances with a good conscience. But if only through this step, the foreclosure can be averted, then you should take this step. In the hope that everything works well and in the end not more debts have accumulated.