Can I give my house back to the bank in Philadelphia, Pa without an expensive foreclosure?
The answer is YES! (but with caveats, read below for more details)
Can I Give My House Back To The Bank i in Philadelphia, Pa Without An Expensive Foreclosure?
There are many ways to avoid an expensive foreclosure in Philadelphia, Pa and the surrounding areas.
Your first step if you’re trying to avoid foreclosure in Philadelphia, Pa is to speak with your loan provider immediately to examine your choices to prevent home foreclosure. They do not want any Loan in default so they will give you options to stay current on your mortgage payments.
You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution once you know you are likely to miss a home loan payment and inform them what is going on with your financial situation. The more open you are and the earlier you reach out for help will help in this situation.
Your mortgage loan organization would rather work something out with you so they do not generate losses on your property by going through the actual foreclosure process.
You need to be open and honest with your mortgage company.
They may work something out with you that cuts down your rate of interest, which would reduce your monthly payment. In case you miss one or two payments but then are capable of start paying once again, they can usually add those repayments back to your home loan and consider you caught up on your mortgage. The financial institution will not accommodate you if you do not talk to them about what your situation is ahead of time and ask for help. Being open and honest about a rough patch in your life will only help you when it comes to these mortgage companies and financial institutions alike. They want to keep all their loans in good standings and not go through a foreclosure process which doesn’t give them ongoing payments of any kind.
Your mortgage loan bills or your card payments?
You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill you have. You should pay your mortgage first each month before you pay any other bills. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to pay your mortgage.
Not paying your mortgage loan is the worst thing you can do with regard to your credit score. Late mortgage payments and Foreclosure hurt your credit for long periods of time. 7 Years is the average time a mortgage foreclosure can hurt your credit and make you uneligible for another home or an apartment even. Getting behind on other sorts of debt like credit cards will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they ought not to be a priority when you have to pay your monthly dues.
Is selling your house in Philadelphia a way to avoid foreclosure?
One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale. This entire process can be very quick from start to finish if you dealing with a reputable local Cash Homebuyer.
You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off. And sometimes you may be able to have money left to start over again. That’s what we call a Win-Win situation. This is an excellent approach to prevent foreclosure of your Philadelphia,Pa house and avoid a disaster on your credit score at the same time. Which is very impactful in life in general.
Another way to stop property foreclosure in Philadelphia is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share. Cutting back on expenses that are not absolutely necessary could help you in creating extra funds that are need to pay your mortgage.
You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.
We Buy Local Philadelphia, Pa Houses for CASH… Can We Make You An Offer?
Here at TriState Properties, we buy houses in Philadelphia, Pa and surrounding areas and we may be able to help you get out of your house and avoid foreclosure. You may be able to pay off your mortgage in full, walk away with Cash in your pocket and forget the stressful situation in it’s entirety. We pride oursleves in helping homeowners in the most difficult situations. We also buy homes in the state of Delaware and New Jersey as well. Do not hesitate to reach out to us and see what we can do for you today! We look forward to speaking with you.
The process is really simple:
- Fill out the form over here, or call us at 267-703-9956 and we’ll make you an offer within 24 hours
- If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
- We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent