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“I’m behind in payments…will I be giving my house back to the bank in Philadelphia? & How to block foreclosure?”
Nobody wants to lose their home. But sometimes, financial circumstances turn against you, and those financial commitments become too much to manage.
If your situation progresses too far, you may be forced into the unfortunate position of having to give your house back to the bank in Philadelphia, Pennsylvania, leaving you temporarily without a place to stay. In addition, there may be long-term consequences, including a dramatic and long-lasting impact on your credit (and your ability to get a house in the future).
No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself, block foreclosure, and get back on track to financial solvency.
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and your mortgage type.
Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.
How long you can stay in your house after it is sold in auction depends on your state. At some point, however, you will need to find a new place to stay if you cannot block foreclosure!
Fortunately, you have options!
If you wait until your home is foreclosed, it can devastate your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed instead of foreclosure.”
This is when you hand over ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit rating.
You can also block foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full, there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full, you will need to make up the shortfall).
Here’s an example: Let’s say you owed $100,000 on your home, and you sold your home to us for $90,000. You would give that money to the loan company and $10,000 to make up for the shortfall, and your loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed instead of a foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.
At Buying Property 215, we’re professional investors providing various real estate services. Contact us today at 215-359-6090 to find out what we can offer you for your house — even if it needs house repairs.
I want to avoid giving my house back to the bank in Philadelphia!
Why do people choose to sell their homes instead of going through foreclosure? (After all, they still don’t live in their home anymore.)
Losing a home can be difficult, but your financial situation and credit impact are considerably less than if you wait out the foreclosure process. Going through foreclosure could impact your credit score by as much as 100 to 150 points. So, the short-term challenge of selling property is still a better choice than the long-term pain of giving my house back to the bank!
Interested in learning more about a proactive option besides giving your house back to the bank in Philadelphia? Call us at [215-359-6090] or fill out the form to get more information
Sell Property Fast | Quick House Sale
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