The process of foreclosure can really crush the dreams of home ownership. Your current situation may look bleak, but you don't have to be one of those people that looses their home due to foreclosure. Learn how to stop foreclosure on your Philadelphia home.
Adverse circumstances can happen to any of us. Sometimes these circumstance may cause you to miss your mortgage payments. The next thing you know, you are face to face with foreclosure. Try one of these methods in an effort to save your Philadelphia home from foreclosure.
1. Don’t ignore the situation
You will make matters worse when you refuse to deal with your problem. Try talking to your lender. There may be alternate solutions that you can explore to stop foreclosure before it happens. Oftentimes, you can work with your lender to find an alternate solution to stop foreclosure before it happens. In Pennsylvania, you have 30 days to work with your lender before your home will face foreclosure.
2. Pay the back balance
Many people miss mortgage payments as a result of extenuating circumstances. If you are a victim of such circumstances, but now have the money to make up the difference, pay it immediately. You can stop foreclosure on your Philadelphia home at any point up to the actual sale by paying off the balance. In Pennsylvania, you typically have 30 days after the foreclosure notice is filed to pay it off or set up a payment plan with your lender.
3. Sell the property
You could possibly avoid foreclosure by selling your property to pay off the balance of the mortgage. However, you’ll need to work quickly to find a buyer, and you’ll need to sell the home for enough to cover the costs of your mortgage. This option might not work for all areas of Philadelphia.
4. Short sale
A short sale is an option when you owe more than your home is worth. Your lender must be willing to work with you on a short sale. You’ll turn over the money from the sale to your lender, who in turn forgives your debt. Lenders are typically willing to take less money for the property because short sales usually cost less overall than the foreclosure process.
As you can see, there are a number of options that are available to you when you are facing foreclosure on your Philadelphia home. It is important that you keep in contact with your lender and work with him or her every step of the way. Foreclosure is not something that should be taken lightly. It has been know to ruin lives and create financial despair. Don't delay. Start putting in the work to stop foreclosure on your Philadelphia home today.