Facing bank foreclosure is a difficult situation, and one that we understand very well. If you’ve fallen behind on your mortgage payments, you may feel like you have no choice but to allow the bank to take possession of your home. Far too many homeowners fall victim and face years of repercussions from bankruptcy and foreclosure. Credit can be damaged by as much as 250 points in a standard foreclosure case, and this combined with mandatory waiting periods can prevent you from getting another home for years. Adding to the complications are the taxes you may be liable for in the event that your debt is forgiven or cancelled.
Foreclosure in Philadelphia
Why Do Sellers Find Themselves Facing Foreclosure?
There are so many different circumstances that can lead to an unfortunate situation. Job loss is the number one reason cited for most foreclosures, even in a metropolitan area like Philadelphia. Maybe someone in your family was diagnosed with a serious medical condition and those circumstances have impacted your ability to pay your monthly mortgage. Other situations like a difficult divorce, a job transfer, or simply mounting bills can all play a part in foreclosures.
We also frequently help homeowners who have fallen behind on their taxes. Because of delinquency, the city could repossess the property and sell it in a court-ordered sheriff sale, much like a foreclosure auction.
What Should You Do?
If your home ownership is being threatened, the first step (if you haven’t already) is to contact your lender. It’s better to talk with them about your situation than let it go too long! Ask them about options to spread out your payments (this is called forbearance) or changing the terms of the loan.
Our goal in helping you with your foreclosure situation is to protect your credit and avoid bankruptcy. Selling your house for cash may be an option if you have enough equity in the home, but a short sale may also be an option.
Contact us if you need help dealing with a foreclosure!
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