Do You Need To Stop A Foreclosure?
Stop A Forclosure On Your Home
Homeowners going through foreclosure still have the opportunity to sell it, even after the foreclosure process has started. In addition, you have up until the house is either sold at auction or the bank has taken over possession of it. During the period of pre-foreclosure, a homeowner can continue negotiating with the mortgage lender and settle any debts that are owed on the house.
You can stop foreclosure. You can settle your situation and move on without feeling like you got wronged. Most importantly, there is no need to wait for a realtor in a situation like this. We pay cash fast for houses in Pittsburgh!
Why Do People Go Into Foreclosure?
- Losing A Job or Reduced Salary
- Paying Medical Expenses or Health Difficulties
- Inherited properties They Can Not Afford
- Mounting Debt and Inability To Pay Off Loans
How long does it take to be foreclosed on?
Depending on what state you’re in, it can take anywhere from 4 months to a year, once your lender starts the foreclosure process on your home.
What Options Do You Have To Stop Foreclosure?
File For Bankruptcy
An attorney may advise you to file for bankruptcy. While this advice is well intented, this can sometimes only delay the foreclosure process. While bankruptcy can buy you some time, the end result is that your house can get auctioned unless you bring your mortgage payments current, even in bankruptcy.
If your home goes to foreclosure, this means:
- You will lose your home
- You will have a bankruptcy and a foreclosure on your credit report and your score will negatively impacted
- A bankruptcy and a foreclosure can prevent you from buying another home for up to 7 years