We buy houses in Chalfont PA and we are aware that local homeowners in Pennsylvania who are facing a financial challenge may find themselves in foreclosure.
Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.
If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it. We are Chalfont PA home buyers and we work with people in difficult situations like foreclosure. In this blog post, you’ll read about a few foreclosure prevention measures in Chalfont PA that you can take to keep your home from foreclosure.
Foreclosure Prevention Measures In Chalfont PA
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make a smart decision for yourself that may help prevent foreclosure in the future:
1. Pay off your mortgage / sell your PA property.
The fastest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work out a deal with your bank in Chalfont
Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and negotiate with them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t like to just repeat the process.
3. Do a short sale in Chalfont Pennsylvania.
A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu in Chalfont PA.
Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy in Pennsylvania.
In some ways, bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
Homebuyers In Chalfont PA
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option. Educate yourself on options available for your circumstance.
If you want to put everything behind you and move on with your life then sell your house in Chalfont PA directly to us, Quick Cash Philly and pay off your mortgage with that money. We purchase cash for houses in Chalfont PA and would love to see if we can help you during your short sale.
Consider selling your property in Pennsylvania? Contact us by filling out the form on this page or call us at (267) 225-6260 and we’ll see if we can work with you.