5 Ways to Avoid Foreclosure in Pennsylvania | Mortgage Foreclosure

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Avoid Foreclosure in Pennsylvania

If foreclosure looms over you like a black cloud on a sunny day, don’t ignore the rain. Open the letters your lender sends you and see where you are in the process. Ensure you find your mortgage documents and read them thoroughly to know what to expect when you don’t make your payments. If they have just begun to issue notices of non-payment, they haven’t given the foreclosure yet. But if you ignore the pending legal action letters, that is no excuse in court. You may still have time to handle this situation and avoid a mortgage foreclosure on your credit report. (5 Ways to Avoid Foreclosure in Pennsylvania | Mortgage Foreclosure)

Work With the Government

Contact your state to learn more about the foreclosure time frame you are dealing with. Knowing the time frame and the different steps of mortgage foreclosure and comparing that with letters or other communication from your lender will determine how quickly you need to move to secure your exit strategy. The Federal Government’s Housing of Urban Development department has many programs that may offer you a way out of your situation. Many of these programs are determined by the home’s value versus the amount left on the loan. HUD also has counseling options available to help you understand your financial situation and what options may or may not work for you.

Spend Wisely

Another way to avoid foreclosure and prevent mortgage foreclosure in Pennsylvania is to take a long, hard look at your finances. Design a budget to fit your basic needs like food, gas, and mortgage payment. Skip the costs on optional or unnecessary items, like credit cards or expanded cable packages. Maybe opt for a cheaper phone plan and skip eating out. You might have to consider ways to make extra money, such as obtaining an additional job or finding odd jobs on social market boards or other local listing sites. You may also want to look at your home furnishings and sell the higher quality items to make extra cash. These options are great if you have a temporary hardship and are expecting to be able to make your mortgage payments more successfully in the next few months.  

Rent It Out

A creative way to avoid foreclosure is renting your house to someone else. Their rent payment now becomes your mortgage and insurance payment. That means you would have to find somewhere else to live that is more affordable and move out. You could also rearrange your house to allow a roommate to share your home, and, depending on the amount of your mortgage payment, they might be able to pay a large portion of it to make it more affordable for you and fit better in your budget. On the other hand, renting out your home may lead to additional headaches from your renters and potential damage to your home.

Sell It

The simplest way to avoid foreclosure is to nip it in the bud with a short sale. Many investors are waiting for short sales to come on the market. This is where the bank will negotiate a sale price with a buyer and sell your house short of what is owed. Trust us; the bank does not want to own your house. They usually offer close to the loan principal, even if the home is worth more than what is left. This makes for a great investment opportunity for buyers with cash on hand.

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Call Buying Property 215 at [215-359-6090] or send us a message to discuss the short sale process with us and other ways to avoid foreclosure in Pennsylvania. “Prevent Mortgage Foreclosure!”

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