Looking for tips on how to stop foreclosure now in Philadelphia? You’re in the right place!
Foreclosure can wreck your credit, make it much harder to buy a house later in life, effect how much you pay for other things like automobiles and credit card purchases and even disqualify you from some jobs.
However, if you’re dealing with foreclosure issues now, there is still hope. Just because the foreclosure process has started or is about to start doesn’t mean that you’re locked into this path. If you take stock of your situation now there are several avenues you can explore that will mitigate the negative effects of foreclosure on your life.
According to Zillow.com, foreclosure is “a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn’t sell there, the lending institution takes possession of it.”
The important thing to remember is that foreclosure is a process. In many areas, it’s a process that takes a long time to complete. If you start missing mortgage payments the bank will initiate the process of foreclosure but that doesn’t mean you’re locked into this path. You can stop foreclosure now using a variety of methods.
There are many things you can do to stop foreclosure now. If you find yourself looking down the barrel of a foreclosure, here’s what you can do:
The first thing you must consider is catching up on your payments. Look at all available assets you have and see what can be sold off and liquidated as soon as possible.
This might mean making some really tough decisions. You might have to crack into your retirement savings or raid your kid’s college account. Maybe selling assets like cars and downgrading to something more economical is something you should look at as well.
Chances are there is money around you that you have not thought about or haven’t wanted to tap into. But desperate times call for desperate measures and you really want to avoid a foreclosure at all costs.
The first instinct many people have when the foreclosure process starts is to not deal with it or think that they will find a way to deal with it on their own. They typically don’t want to talk to the bank because they feel like a failure or someone who has done something wrong.
But foreclosures happen for a whole bunch of reasons and it doesn’t mean you are a bad person or have failed in some sense. In fact, the earlier you talk to your bank about your options the better!
What most home owners don’t know is that banks don’t want to go through the foreclosure process either. It’s expensive, time consuming and takes away from their core business of lending money and making a profit off the interest. They aren’t property holders and don’t want to be.
Call your bank and they will discuss several options with you to stop foreclosure now. They could include:
If all else fails or you’re too far along in the foreclosure process to rescue the property any other way, then it’s time to look at selling.
The problem with selling a property the traditional way is that it takes too much time. Often time and money are the biggest problems someone who is going through foreclosure has, so going through the traditional sale process might not be possible.
However, you do have options!
Here at D&D Property Solutions we are investors who buy houses in any condition. That means if you’re facing a foreclosure and need to sell your house fast, we can help now!
When you deal with an investor like us you don’t have to worry about time consuming things like:
Instead, we make you an offer and have the cash to complete the deal quickly. This gets you out of your property and stops the foreclosure now. Then you’re free to move onto the next phase of your life. We can even help you with finding your next place to live!
For more information download our free report “The 10 Fastest Ways To Stop Foreclosure In Less Than 7 Days” or contact us today here or by calling (267) 888-8987.