Homeowners who are hoping to stop foreclosure often dread dealing with the facts that got them to the place of being in foreclosure. Dealing with those facts can be depressing. If they think back to when they first bought that home, losing the home was probably the furthest thing from their mind. Few homeowners actually plan to go into foreclosure. Watch how Clayton, our leading client success architect, breaks down the Top 7 Tips to Avoid foreclosure below.
Homeowners who are hoping to avoid foreclosure in Pittsburgh dread dealing with the facts especially because one has to come to terms with the fact that a home that they worked so hard to get could be lost.
Most home owners in Pittsburgh face foreclosure because of a series of circumstances that force them to stop making their payments. Some examples of these circumstances are a job loss, an unexpected employment, similar to the loss of jobs through the coronavirus, a sudden illness or medical emergency death in the family, loss of 2nd income, divorce, unexpected major home repair and balloon payments being due or a few of the other reasons why homeowners are unable to make their payments.
Ways to stop it:
The honest truth about avoiding foreclosure in Pittsburgh is this, don’t put it off and don’t be too embarrassed to open the lenders letters. There are a variety of different programs that you can use supplied by the bank to help you with foreclosure. You may even be able to propose some modifications to your loan, including time of payment, extending the payment or changing the interest rate.
Truth After a Notice of Default:
When the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have commenced.
You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure, and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:
Sell your home: You can hire a real estate agent or work with your TRUSTED local professional home buyers in Sell Pittsburgh Home Fast. We deal with foreclosures all the time.
Consider a short sale: If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it’s not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed.
Sign a deed in lieu of foreclosure: This is called deeding the home back to the lender. The homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Lenders tell me that deeds in lieu of foreclosure affect credit the same as a foreclosure
If you are interested in working with a family owned company that helps people just like you get through the foreclosure process in a stress free manner by buying their home reach out to Clayton at 412-404-0248 or fill out a form below and one of our client services representatives will reach out shortly.