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Создан: 28.02.2019
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Getting Out And Away From Pre Foreclosure

Понедельник, 08 Апреля 2019 г. 14:00 + в цитатник

With the current financial situation of the residents in Philadelphia, it’s challenging to stay on top of your payments. One of these payments is your mortgage which puts a lot at stake. It could be that you’ve already missed paying 3 months of your mortgages which places you in the pre-foreclosure stage. You might also be on the verge of missing a payment.

foreclosed-homes-for-sale.jpg (3000×2000)

The first thing you need to do is stay calm and look at your options. There are still ways that you can prevent losing your home and how you can stay on top of your game; but first, one should first understand the entire process.

Pre Foreclosure Period

You enter the period of pre foreclosure in Philadelphia once you have missed at least 3 months’ of mortgage payments. Once you’ve entered this period, you will receive a “notice of default” via mail from your lender. From here on, you have about three months to pay your balances and become current.

During this period, you have several options. You can request to have loan modifications to help you pay your mortgages. This will involve changes in the mortgage contract to make your mortgage payments more affordable. The alterations involve the monthly payment, outstanding principal, and interest rate.

Another option you can also explore the option of asking for a short sale. If granted, your home will be sold at a cheaper price, and the difference can either be absorbed as a tax write-off or be paid with your cash.  

You can file for bankruptcy which gives you time to gather money to pay for your balances. However, this is not a great option because this will greatly damage your credit report. If

Ways to Avoid Reaching the Pre Foreclosure Period

There are ways that you can avoid even reaching the pre-foreclosure period. This starts by being aware of your own financial situation so that you can contact your lender for possible options. Review the loan documents given to you, you can only delay your payments for 3 months before you get into the pre foreclosure period. Until then, look for funding options.

You can also contact a housing counselor from the Department of Housing and Urban Development (HUD) to help you understand the laws in Philadelphia, assist you in exploring your options, and represent you during negotiations with your lending institution. These counselors offer low cost services that will not be a problem.

So whether you’re already in the pre foreclosure period or still getting there, there are a lot of ways that can help you get out of the sticky situation. Just remember not to panic and always explore your options.

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