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Are you familiar with how the process of foreclosure works in Philadelphia, Pennsylvania? The method first starts by defaulting on mortgage payments, usually one to two months of non-payment, you could receive a foreclosure notice. Then the mortgagor will go to the courts to make aware of your missed payments giving them access to begin foreclosing on your home. Finally, they are issued a foreclosure notice. If you’re facing the possibility of foreclosure in the future, perhaps you are wondering if you will get your house in Philadelphia back after foreclosure. After all, you need a place to live! Losing your home through facing foreclosure can be the most challenging situation for a homeowner to overcome. There is a huge ripple effect right after the bank forecloses on your home.
Unfortunately, it is tough for you to get your house back after the court rules favor your lender and agrees with the lender to proceed with facing foreclosure, it is tough for you to get your house back. Therefore, it would help if you focused on getting yourself out of foreclosure before the bank takes your home entirely.
Instead of wondering if you can get your house in Philadelphia back after foreclosure, here’s another option…
The good news is that if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and collect the money owed to them. You may want to speak with a real estate agent to handle selling your home through a short sale. It is not the most guaranteed option, but it may prevent foreclosure. You agree with the lender to take less than what is owed on the home. There are some downsides to this option. You may not get your home sold. Many people try to sell their homes through a short sale but fall short of finding a potential buyer. They do not see a buyer in time but depending on how much you owe, it may cause an issue if there is not enough equity in the home.
If that’s not an option for you, you may do what many homeowners facing foreclosure choose: “Sell my home” before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank, and you won’t have the long-term impact on your credit score a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit a better credit rating.
Here’s a secret to selling your Philadelphia area home fast so the bank can’t take it
You could work to find a cash home buyer to take your home. However, a faster and easier option is to find an investment firm that quickly buys houses as-is for cash. These companies are experts in helping people avoid challenging situations like foreclosure, a home that may need too much work, and just selling their house fast. No matter what, Buying Property 215 has been helping homeowners get rid of a home with no questions asked. They do not only help the people of Philadelphia but the entire state of Pennsylvania. If you have never sold a home using a cash home buyer, it may be time for you to look into doing so. Many companies can do this for you instead of spending your time and energy trying to locate a buyer. Companies like Buying Property 215 will quickly buy the house from you at a reduced price.