If you feel you are destined for foreclosure in Pennsylvania, you shouldn’t worry. There are alternatives to this procedure that can help you keep your home. It’s best that you navigate these waters with the help of an experienced real estate transactions attorney so you understand the options, your rights and the process involved.
One of the first things you should look into is modifying your mortgage. This helps you reduce the monthly payments by extending the length of the loan. People qualify for this option if they have exited a recent financial situation and are still able to afford the monthly payments.
A special forbearance is something your attorney can help you request from your lender. This is when the lender either reduces monthly payments or puts a suspension on them based on your financial situation. If you have seen an increase in expenses or have had your income reduced, you might qualify for this option.
A partial claim is another alternative to foreclosure. This occurs when the lender acquires a one-time payment from the FHA-Insurance Fund that brings your mortgage to where it needs to be in terms of made payments. People who qualify for this option are able to use it if they can make full mortgage payments after the payment from the FHA is made.
You can also take part in a pre-foreclosure sale. This is when you sell your home for less than what is owed on the mortgage.
Are you fearful that foreclosure is in your future in Charleroi? A real estate attorney can help you prepare to fight for your home. This is a legal situation you should never enter into by yourself.
Source: Findlaw, “Alternatives to Foreclosure,” accessed Nov. 09, 2017
