Do you have a house in Philadelphia, Pennsylvania that is in foreclosure right now? Many people going through the Pennsylvania foreclosure process just want to eliminate the burden caused from owning a home. They wonder if they can sell their house in foreclosure. The short answer is yes. The long answer is a little more complicated. You can usually sell your house prior to foreclosure. The sooner you start, the better.
Selling Your Philadelphia House in Foreclosure-How It Works
There are many people in Philadelphia that have faced foreclosure in the past few years. Changes in the economy have caused a lot of banks to shift the way that they deal with foreclosures.
Banks that carry mortgages don't want to see homes abandoned and auctioned. This includes the bank that carries YOUR mortgage. Banks make more money when they help you avoid foreclosure and get your property sold. Fortunately, there a few measures that you can use to work with banks and stop the foreclosure process.
Working With Banks During the Foreclosure Process
1. Always over-communicate with the bank. Don't be annoying. Call with updates and show them what you're doing to get the property sold.
2. Don't miss deadlines. Call with advance notice if anything will be late.
3. Remember that bankers are people too. Don't be overly dramatic. Explain your situation and demonstrate your willingness to fix the problems to make it right.
4. Start keeping careful records of every conversation. Keeping a record of every conversation you have with the bank is extremely important. Keep track of each person you speak with, what they said, and any promises made.
5. Explore all your options. Some of the options that are available to you include short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process. Each bank has its own policies to help borrowers avoid foreclosure.
6. Don't wait. Time is not on your side. The further behind you become on payments, the less options are available to you.
If you need to sell a property in the Philadelphia area, we can help you.
We buy properties like yours from people who need to sell fast.
Call us at (267) 223-7891 anytime or fill out this form today!
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