Avoid Foreclosure in Philadelphia!
While the housing market is rebounding, many people in Philadelphia are still struggling to make their mortgage payments. If you’re underwater on your home or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose. Thankfully, there are a number of things that you can do on how to avoid foreclosure in Philadelphia. It’s important to remember that moving quickly is absolutely paramount and could save your credit rating and your home. So, lets dive in on quick tips on possibly how to avoid foreclosure in Philadelphia involving your home.
The Keys of How to Avoid Foreclosure in Philadelphia | Do Not Abandon Ship
Many people simply give up and walk away from their property. There are even areas of Philly have begun to resemble ghost towns, as the economy and recent inflation has impacted residents significantly!
Detroit is a prime example of what can happen when people abandon their homes. Detroit was once booming, just to become desolate!
This can be an extremely stressful situation, but it’s important to keep your wits about you. A foreclosure will have a giant negative impact on your credit score, and likely prevent you from purchasing property for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you’re for the unpaid portion.
While it’s extremely stressful, you do have multiple options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Philadelphia are struggling. If you haven’t missed mortgage payments yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you are not too far behind on your payments. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. It may seem difficult asking for assistance but over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly mortgage payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable-rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over the city of brotherly love are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure in Philadelphia and surrounding counties… connect with us today and let’s discuss your situation. We don’t charge any fees, we’ll evaluate your situation, and present you your options so you can move forward and get this foreclosure behind you!
Give us a call anytime at [215-359-6090] or
fill out this form on our website today!
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