We Buy Houses In Mt Lebanon, Pennsylvania, and provide residents with the ideal way to sell their homes fast by offering cash for houses in Mt Lebanon. Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent. For local Pennsylvania families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.
Fortunately, you have options available to you here in Pennsylvania — perhaps more options than you realize. There are many strategies that help for foreclosure in Mt Lebanon PA; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.
As local homebuyers in Pennsylvania, we’ve put down about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well) in this blog post. The goal of these strategies is to help you legally and ethically stop foreclosure and reducing the pain and frustration that you’re facing while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.
Strategy #1: Work Out A Deal With Your PA Lender
The first approach to address a challenging mortgage situation is known as a “foreclosure workout.” In this strategy, you will have a discussion with your lender, expressing your inability to meet your current mortgage obligations. However, you’ll convey your desire to find a solution that allows you to remain in your house in Mt Lebanon PA and continue making mortgage payments.
Contrary to common belief, lenders typically prefer not to foreclose on properties. They value borrowers who can fulfill their mortgage responsibilities, and as a result, they are often open to working with homeowners to reach a favorable agreement. This could involve temporary relief from mortgage payments, implementing a catch-up plan where outstanding payments are spread out for repayment, or even restructuring the overall debt owed. The aim is to find a mutually beneficial solution that helps you overcome financial challenges and maintain your homeownership.
Strategy #2. Bankruptcy In Mt Lebanon, Pennsylvania
While filing for bankruptcy may be viewed as an extreme measure, it can be considered one of the options in your toolkit to avoid foreclosure. By filing for bankruptcy, you communicate to your creditors that you are unable to meet your financial obligations. The foreclosure process is halted as all creditors are legally required to cease collection activities.
It’s important to note that filing for bankruptcy does have significant implications. It may necessitate the sale of some assets in Pennsylvania to repay creditors. Additionally, a bankruptcy filing remains on your credit score for an extended period, affecting various aspects of your financial life, including obtaining loans, securing car financing, and even finding employment. As a result, it’s advisable to explore other alternatives before resorting to bankruptcy as your first line of defense against foreclosure.
Strategy #3. Short Sale Help For A Foreclosure In Mt Lebanon
A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.
Taking a proactive approach to foreclosure can be highly beneficial as it allows you to regain control over your situation. By actively addressing the issue, you eliminate a significant source of stress that arises from the feeling of powerlessness in the face of foreclosure. Taking matters into your own hands empowers you to explore available options, seek assistance, and make informed decisions that can potentially help you avoid foreclosure or minimize its impact. Being proactive puts you in the driver’s seat, giving you a sense of control and potentially reducing stress throughout the process.
One of the advantages of seeking foreclosure assistance is the potential for a fast resolution. In certain cases, you can sell your home in as little as a week. This expeditious timeline is facilitated by local support available in Mt Lebanon, Pennsylvania. Organizations like Dustin Buys Houses specialize in providing aid to homeowners experiencing financial challenges and navigating short sales. By accessing their expertise and resources, you can receive the assistance needed to expedite the foreclosure process and find a suitable resolution for your situation.
- It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).
Sell My House In Mt Lebanon PA
With a short sale, you still end up with the reality of having to leave your home in Mt Lebanon PA but there is a bright side: The impact to your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.
If you find that you’d love to sell your house in Pittsburgh to get out from under your Pennsylvania foreclosure, consider selling directly to Dustin Buys Houses. We are reputable Pennsylvania home buyers and we purchase local properties as-is and even if you are facing difficult situations, we can help!