We buy houses in Dormont Pennsylvania. As homebuyers in PA, we’ve encountered some homeowners who ask, “I’m behind in payments. Will I be giving my property back to the bank in Dormont PA?”
Nobody wants to lose their home, but sometimes, financial circumstances turn against you and those financial commitments become simply too much to manage.
Giving Your House Back To The Bank In Dormont PA
If your circumstances reach an advanced stage, you may find yourself in the unfortunate position of having to surrender your property to the bank in Dormont, PA, which could leave you temporarily without a place to live. Moreover, there can be enduring repercussions, such as a severe and long-lasting effect on your credit score, making it challenging to secure housing in the future.
Undoubtedly, this is far from an ideal outcome. However, the good news is that there are proactive measures you can take today to safeguard yourself and regain financial stability. By implementing a strategic plan, you can protect your interests and work towards restoring your financial health.
Here’s A Brief Overview Of The Foreclosure Process In Pennsylvania
The foreclosure process can vary depending on location and the type of mortgage you have. Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.
How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.
Fortunately, You Have Options In Dormont PA!
If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure.” This is when you hand over ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit rating.
You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full, then there will be no more penalties against you and your credit rating. If your loan isn’t paid in full, you will need to make up the shortfall.
Let’s consider a scenario: Suppose you have an outstanding debt of $100,000 on your home, and you decide to sell it to our company for $90,000. In this case, you would provide the loan company with the $90,000 from the sale and an additional $10,000 to cover the shortfall, effectively paying off your loan. Another option worth exploring is to consult with a real estate attorney who can assist you in negotiating a deed in lieu of foreclosure arrangement. This arrangement involves transferring the deed of the house to the loan company in exchange for them agreeing not to pursue the remaining balance.
At Dustin Buys Houses, we specialize in real estate investment. We encourage you to reach out to us today at (412) 688-6311 to learn about the possibilities we can offer for your house, even if it requires repairs.
Sell My House In Dormont PA
“I want to avoid giving my house back to the bank in Dormont PA!” Yes, we hear you. As professional Pennsylvania home buyers, we’re more than happy to help you do just that.
A proactive option besides giving your property back to the bank in Dormont PA is to sell your house in Pittsburgh directly to certified real estate investors like us at Dustin Buys Houses. Why do people choose to do this instead of going through foreclosure? (After all, they still don’t live in their homes anymore.)
Well, losing a home can be difficult, but the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So, the short-term challenge of selling your property is still a better choice than the long-term pain of giving it back to the bank.
Feel free to reach out to us to get started. We offer cash for houses in Dormont and other areas in Pennsylvania, and we can also provide you with support in the process of dealing with or even avoiding foreclosure.