Ways to Avoid Foreclosure in PA

-Any Condition, Any Situation-

Sell Your PA House Fast! Sell My PA House Fast! Get an Offer in 48 hrs!

Ways to Avoid Foreclosure in PA

Ok so we already mentioned to you that there are actually ways to avoid foreclosure, but they generally have to involve money in some way, shape or form.

Now, if you don't have the money available through family or friends to bring your loan current with your mortgage company well we are here to share with you other ways to avoid foreclosure.

We are giving you this FREE information on ways to avoid foreclosure, because it's just that, it's FREE infromation that is public knowledge if you search for it or if you ask your mortgage person about it.  Do NOT ever pay anyone an upfront fee who claims they will tell you how to avoid your PA foreclosure.  If you read the Frequently Asked Questions you'll read a question about those "Foreclosure Rescue Companies."  These are precisely the companies that we are talking about.  So, I will repeat this, do not EVER pay anyone an upfront fee if they claim they can help you avoid your foreclosure.  What they will teach you or try to do for you, if anything at all, is exactly what we are about to tell you for FREE!  

You actually have quite a few options available for you in regards to ways to avoid foreclosure, even if you can't bring the loan completely current with cash.  Here they are:

If You Want to Keep Your House

• Repayment Plan-  You may be able to negotiate a repayment plan with your lender as a way to avoid foreclosure. You will actually agree to pay your normal monthly payment plus an extra amount each money until the loan is current again.  (A lot of times though, folks can't afford to do this, and sometimes if they do accept this repayment plan, they end up going right back into foreclosure again.  So may sure you do the math as far as your finances are concerned with this option, because you don't want to eventually be right back where you are today.)

• Forbearance Plan-  With this option, your lender may allow for a temporary reduction in your payment due or even a suspension of payments for a short period of time.  A lot of times if lenders agree to this plan, it will be in conjunction with another plan as well.  For instance, after the short suspension period of no payments, they may want you to agree to a repayment plan or reinstatement plan.

• Mortgage (or Loan) Modification-  This is actually one of the better options, in our opinion. This is where you can refinance your loan to stop foreclosure or have other terms of your loan changed; like extend the length of your loan, change the interest rate, add the back payments to back end of the loan, etc. We think that with the passage of Housing and Economic Recovery Act of 2008 that more lenders will be open to this option. Please keep in mind that just because this act was passed, your lender is NOT obligated to modify your loan in any way.

• HUD Partial Claim-   Now this only applies if your loan is an FHA insured one. If you have an FHA insured loan then your lender may be able to obtain a one-time payment from the FHA insurance fund to bring your mortgage lona current with payments. Definitely, another way to avoid foreclosure in Pennsylvania that is worth looking in to. (Always check to see if you have anytime of Mortgage Insurance with your lender to see if there is any type of claim you can file. You may even qualify for an interest free loan where the repayment doesn't start for several years. You never knowunless you ask!)

• Refinance-  You may be able to refinance to stop your foreclosure. Now, if you don't have any equity in your house, this may not be a feasible option for you.  But if you do have some equity in your house, you may be able to refinance with your existing mortgage company or perhaps with another mortgage company (or a small local bank in your neighborhood.)  If you do this, the interest rate may be a lot lower and therefore that would allow your payments to be lower.  Personally, I wouldn't get my hopes up too much with this one in regards to refinancing with another mortgage company, but it is definitely worth a shot. Make sure you go down every single possible path to find ways to avoid your foreclosure.

• Homeowner's Emergency Mortgage Assitance Program (HEMAP)-  Remember, we spoke about this one when we were talking about the Pennsylvania Foreclosure Laws. This is another form of government help to stop your foreclosure.  This is a state funded program that you MUST qualify for. You, most likely, received paperwork on this when you were served with your foreclosure papers. This is also referred to Act 91. Find out more about HEMAP here.

You have several options now that you can research and look into if you want to keep your house.  See, there are ways to avoid foreclosure that you may not have even thought of.  And notice, you can stop your Pennsylvania foreclosure without filing bankruptcy too!

If You Do Not Want to Keep Your House

• Sell Your House-  Of course the easiest option is for your to sell your Pennsylvania house in order to avoid foreclosure. We can definitely buy your house for cash, quickly to help with this process. We charge NO COMMISSIONS and NO FEES!  There are definitely ways for you to sell your house for fast cash. Companies that buy houses are a good resource for that (like ours!) You could also list your house with a real estate agent, but they don't guarantee you a sale (especially in this market) and lastly you could sell your house yourself.  I definitely don't recommend you trying to be your own real estate agent and selling your house yourself, you just don't have the expertise needed to do so, plus sometimes it can not be safe having complete strangers coming in and out of your house every day with your family present.  (Trust me though, you can sell your house yourself with the property information and instruction.)  

• Assumption-  Here you are signing your property over to another person and they are assuming the mortgage payments.  Bascially, they take possession of the house and they start making your mortgage payments.  One of a few ways to avoid foreclosure when you do not want to keep your house.    

• Short Sale-  Alot of times folks can't refinance to stop foreclosure because they owe too much on their home (basically they owe what the property is worth or more than the property is worth.) If you are in this situation, don't worry you can still sell your property.  Your mortgage company may accept what is called a short sale.  This is where they accept less than what is owed in order to just be done with the property and cut their losses. We can also help with this as well if we are interested in buying your Pennsvylania house quickly for cash.  Basically, we'll make the offer we feel comfortable with and negotiate the short sale with your mortgage company for you.  And No, we still don't charge you any commissions or fees! So you see, even if you owe what your property is worth or more than it's worth we still can buy your house for cash by negotiating a short sale.

• Deed in Lieu of Foreclosure-  This is where the lender allows you to "voluntarily" give back the property and they forgive the debt. We know this probably sounds like the easiest option BUT, often times your lender will require you to try to sell the property for 90 days first (most likely with a real estate agent) before they will consider this option.  Also, you may not be able to go the deed in lieu route if there are other liens on the property (judgments, second and/or third mortgages, IRS and/or state tax liens, etc.)  Lastly, we want to add that as far as your credit goes, this option is probably a hair better than a foreclosure.  So it's not like giving back your house to the bank is suddenly going to make you have great credit!  It won't because it's just shy of a foreclosure.  But again, it's another option and another way to avoid foreclosure.

Now that you are a little more informed about ways to avoid foreclosoure we hope that if you decide to sell your Pennsylvania house that you give us a call!  We buy PA houses quickly and for cash and we will have an offer to you within 48 hrs!  We are local people who buy houses in Berks County, PA, Chester County, PA, Lancaster County PA and Montgomery County, PA.  We know these areas and we will gladly set up a confidential appointment with you to help discuss if we may be interested in buying your house!  Just fill out this form to get started.

If you are going with any option that requires you to list with a real estage agent, then please by all means allow us to refer you to a local, qualified and experienced real estate agent that can help with your delicate situation.  Just ask us for a real estate agent referral here.

Remember in order for us to buy your house for cash quickly and make you a       cash offer within 48 hours you must live in either:

Berks County, Pennsylvania, Chester County, Pennsylvania, Lancaster County, Pennsylvania or Montgomery County, Pennsylvania.  

If you live in other areas of Pennsylvania we may be able to refer you to someone who can help buy your house fast for cash, but we most likely will not be able to help you personally.

Return to Sell Your Pa House homepage.

---