What are the drawbacks of a foreclosure loan?

Getting a foreclosure loan can provide you with a way to save your home from foreclosure proceedings. One of the major drawbacks of this type of loan is that the interest rate is typically very high. When you get this type of loan, your mortgage payment may be higher than you can really afford. This type of loan might be able to postpone foreclosure, but if you are in financial trouble, you may be delaying the inevitable. Another drawback of this type of loan is that you may have to pay additional closing costs or fees during the process.