Many homeowners across America and Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster are facing difficulties making their monthly mortgage payments.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”
This is typically the first stage of the foreclosure process and provides an opportunity for the homeowner to either bring the payments up to date, refinance, or sell the property before it is foreclosed upon. During the pre-foreclosure period, the homeowner may also be able to negotiate with the lender to modify the terms of the mortgage loan in order to make the payments more affordable.
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Pre-foreclosure Options for BorrowersHow to Delay Foreclosure?
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender. This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster mortgage broker… or contact us and we can connect you with a reputable one.
- You can sell your home quickly to a reputable real estate investor like Sell Your Mobile Home Fast Buying Expert. We can purchase your Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster, Pennsylvania home with cash, often within a week or two, and use the proceeds to pay any back-payments owed or negotiate with the lender on your behalf.
- You can request permission from your bank to do a short sale, where you sell your home for less than it’s worth and the bank takes the loss as a tax write-off. However, you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You can declare bankruptcy, which may buy you some time to pay your debt. Keep in mind that bankruptcy will have a negative impact on your credit report for several years.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.
If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster area house – We buy houses in Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.
Want To Discuss Your Pre-Foreclosure Options? Call Us at 347-669-3399
Or, Submit Your Info Here To Get A Cash Offer On Your House >>
Here are some foreclosure tips:
Act quickly: If you are struggling to make your mortgage payments, do not wait until it is too late. Contact your lender or a housing counselor as soon as possible to discuss your options.
Know your rights: Familiarize yourself with your state’s foreclosure laws and your mortgage agreement. This will help you understand your options and your legal rights.
Communicate with your lender: Be proactive in communicating with your lender. They may be willing to work with you on a loan modification or repayment plan to help you keep your home.
Consider a short sale: If you are unable to keep your home, consider a short sale. This is where you sell the home for less than what you owe on the mortgage, with the approval of the lender.
Beware of scams: Unfortunately, there are many scams that target homeowners facing foreclosure. Be cautious of anyone who promises to save your home for a fee or who asks you to sign over your deed.
Seek professional advice: Consider consulting with a housing counselor or a foreclosure attorney to help you understand your options and navigate the process.
Take care of yourself: Foreclosure can be a stressful and emotional process. Take care of yourself and seek support from friends and family during this difficult time.
Are there any unique rules for Foreclosures in PA?
Yes, there are unique rules for foreclosures in Pennsylvania. Here are some key points:
Pennsylvania is a judicial foreclosure state, meaning that the foreclosure process must go through the court system.
The foreclosure process typically begins with the lender filing a complaint with the court, which the borrower has a limited time to respond to.
If the borrower does not respond, the court may enter a default judgment in favor of the lender.
If the borrower does respond, the court will hold a hearing to determine whether or not the foreclosure should proceed.
Pennsylvania has a Right-to-Redemption law, which allows borrowers to redeem their property by paying the full amount owed plus costs and fees up until the time of the foreclosure sale.
Pennsylvania also has a Right-to-Cure law, which allows borrowers to cure their default by bringing their mortgage payments up to date.
Pennsylvania has a mandatory foreclosure mediation program, which provides borrowers with an opportunity to negotiate with their lenders and potentially avoid foreclosure.
It’s important to note that these rules can be complex and may vary depending on the specific circumstances of the foreclosure. It’s always a good idea to consult with a qualified attorney who is experienced in foreclosure law in Pennsylvania.