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6 Things You Can Do To Stop Foreclosure of Your Philadelphia House

Stop Foreclosure in Philadelphia

The future can look pretty grim for homeowners who want to stop foreclosure in Philadelphia. The foreclosure process is highly stressful and can directly impact your credit score and prevent future credit purchases. Our latest blog post offers six ways homeowners can stop the foreclosure of their homes in the Philadelphia area! {Stop Foreclosure of Your Philadelphia House | Stop Foreclosure in Philadelphia}

Has it become difficult to pay your mortgage each month? Are the bills piling up with no end in sight? Before the bank comes in and takes your home, you need to find the best way out. Keep reading this article to learn more about what you can do to prevent foreclosure and how Buying Property 215 can help you stop the current foreclosure of your house in Philadelphia.

Sell Immediately

A direct and fast cash sale is often the best way to stop foreclosure of your Philadelphia house. Buying Property 215 is professional cash home buyers in Pennsylvania that will help you sell your house fast, preventing the banks and avoiding the destruction of your credit. Not all home buyers are the same – Buying Property 215 is dedicated to helping homeowners in difficult situations and providing appropriate solutions that make sense for all parties involved. Our family-owned company takes pride in assisting fellow residents of Philadelphia! While you may not receive the total retail price, you can sell in just a few days, saving you thousands on commissions, house repairs, holding costs, and avoiding inspections, walkthroughs, and showings! Giving up your home can feel challenging, but it is better to sell by choice than to have the bank forcefully take over the property.

Borrow Money

For some homeowners, borrowing money from a family member can be a quick solution to stop the bank. However, this isn’t a long-term solution to your financial struggles & not every homeowner has an individual they can ask for a loan from. If the mortgage has become difficult to pay now, it will likely be challenging to handle going forward; temporary relief is never a long-term solution. Continually borrowing money will only get you into more debt over time, but it will be with multiple creditors this time. Borrowing money from loved ones can also strain your relationships with those you care about, making your difficult situation worse. Borrowing money may be an option, but viewing the overall effects and risk factors is essential. 

Ask For Forgiveness

One option when you struggle to make your mortgage payments is to reach out to your lender and explain the situation. Sometimes, you can defer a payment or work out a payment plan to make up what you owe. That said, you will still have to find a way to pay your debts; the overwhelming issues do not suddenly disappear. Deferring the mortgage problem will only push things back; it won’t magically get you caught up or erase the debt you are in. Asking for forgiveness is a one-time thing to help deal with an unexpected situation… not something to bail you out often or long-term. Loan forgiveness is also known as loan forbearance and is used after an illness, a loss, or another one-off circumstance. Understand the stipulations involved with loan forgiveness!

Refinance The Property

Refinancing your property can help you to achieve a lower monthly payment and stop foreclosure in Philadelphia, but there is a cost. If you refinance with a hard money loan, your interest rates can be through the roof. While this may help you to save your house from the bank, it will ultimately cost you more money in the long run. You can also work with your current lender to refinance your existing loan. However, you need to prove you will not have trouble with your payments in the future!

Rent The Property to Someone Else

If you can’t pay the mortgage, maybe someone else can step in and make these payments on time. Of course, you will need to find somewhere else to live at a price you can more easily afford while plugging a tenant right in, for you wouldn’t experience an overlap involving your monthly payments. You’ll first need to find high-quality tenants you can count on to pay monthly rent. If your situation allows, you could also choose to rent a bedroom or basement in your home for extra cash, while you continue to live in the house. Make sure boundaries are set on both sides to make everyone comfortable with the living arrangements. Having the wrong people move in can cause you to default on your mortgage anyway, ending up with the same result of losing your Philly house to foreclosure.

Declare Bankruptcy

Nobody is thrilled about having to declare bankruptcy, but fighting off foreclosure may be the answer you have been waiting for. Announcing bankruptcy will restructure your debt and create a payment plan to get you back on track. While this won’t look good when applying for loans in the future, it can be a way for you to keep your current home, stopping the banks in their tracks.

At Buying Property 215, we want to help you stop foreclosure of your Philadelphia house. Our family-owned company can help you review your options and make you a no-obligation cash offer to help you sell house fast. Let our team help you promptly and efficiently handle any problem property or situation you are dealing with! The Better Business Bureau accredits our small business with an A+ rating and 5-star Google reviews. 

Benefits of Buying Property 215:

  • Quick closing; typically, within 21 days.
  • No fees, closing costs, or agent commissions. 
  • No repairs or inspections necessary! 
  • Highest cash offer guaranteed. 
  • We conduct no showings or walkthroughs. 
  • We buy houses in any condition & situation!
  • Accredited by the Better Business Bureau with an A+ rating.
  • 5-star Google reviews! 

If you are having trouble paying the mortgage, we can help you stop foreclosure of your Philadelphia house! Please send us a message or call Buying Property 215 today! [215-359-6090]

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