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What to do When Facing Foreclosure?
Are you familiar with how the foreclosure process works in Philadelphia, Pennsylvania? If not, it is ok; many homeowners face this issue daily across America. It was huge and what caused the housing market to crash back in 2008. To get a better understanding, we are going to help the average homeowner understand the foreclosure process. Hopefully, it never happens to them, but you will be prepared if it does.
Foreclosure starts with an individual defaulting on mortgage payments; usually, after one to two months of non-payment, you could receive a foreclosure notice. This may seem scary at first, but you should not panic.
Then the mortgagor will go to the courts to inform them of your missed payments giving them access to begin foreclosing on your home. Finally, they are issued a foreclosure notice. If you’re facing 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 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 agree 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.
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 send you notifications and 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 an auction depends on your state. However, you must find a new place to stay if you cannot block foreclosure!
There are 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 must make up the shortfall).
Once you get foreclosed on, there is no coming back from it. It may take up to ten years to stop feeling the effects of foreclosure. Most people do not realize this, but it destroys your chances of getting mortgage approval. In most cases, you want to sell the property before this happens, even if you are taking a slight loss on the home because the after-effects can be brutal to come back.
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.
Instead of wondering if you can get your house in Philadelphia back after foreclosure, here’s another option…
We have options for you if you are faced with foreclosure!
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. Plenty of good agents help you with the short sale process.
A short sale 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.
Short-sale buyers are usually investors that are looking for a good deal. This means they may try to come in lower than what you expected.
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.
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 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 of a better credit rating.
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!
Here’s a secret to selling your Philadelphia area home fast so the bank can’t take it
You could work to find a qualified 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 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 buyer, it may be time to consider doing so. Many companies can do this for you instead of spending time and energy locating a buyer. Companies like Buying Property 215 will quickly buy the house from you at a reduced price.
Suppose you’re a homeowner who has recently experienced financial difficulties which forced you to fall behind on your bills and mortgage. These issues can happen to any homeowner, resulting in losing your home to foreclosure.
The positive news is that homeowners can block foreclosure and avoid losing their property. If you’re a property owner receiving notices about a potential foreclosure process, it’s highly recommended to reach out to local cash home buyers to receive offers on a home sale.
Most investors purchase property in its current condition regardless of the circumstances; real estate investors can provide a quick house sale within twenty-one days. Utilizing an off-the-market deal, the title company works as a middle person to complete the real estate transaction while protecting the buyer and seller.
It’s straightforward to receive multiple cash offers; the primary method to locate investors will be to type real estate, related keywords into any online search engine, including Bing.com or Google.com! These search engines check the world wide web for the most accurate search results, click on the first few results and submit your information.
Request proof of funds to qualify the buyer; also, it’s suggested to demand the buyer cover closing costs and transfer tax. There are many benefits to selling a home directly to an investor; quick property sale, no repairs or inspections required, no fees or agent commissions, the ability to avoid tax foreclosure, and the chance to sell a home independently!
Reach our family-owned real estate company to see how we can provide an easy home-selling process while guaranteeing the highest cash offer!
Please fill out our form and tell us about your house, or call us at 215-359-6090 and let us know that you want to sell fast.
