201. What Is A Pre-Foreclosure In Scott Township PA?

We buy houses in Scott Township PA

We buy houses in Scott Township Pennsylvania, and purchase cash for houses in Scott Township to homeowners who need to sell their property fast. With millions of homes across the country going into foreclosure, it’s important for both Pennsylvania home buyers and mortgage holders to understand the process. If you have to sell the property in foreclosure, Dustin Buys Houses provides a hassle-free home selling solution on your terms. No realtors, no repairs, and no waiting!

So What Is A Pre-Foreclosure In Scott Township PA Anyway?

Many homeowners across America and Scott Township PA are facing difficulties making their monthly mortgage payments. When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Of course, this number can vary by bank and situation sometimes. If a homeowner fails to make the necessary payments, the bank will foreclose on the home in Scott Township PA, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, the mortgage holder has the opportunity to take advantage of several options to prevent losing their home.

Pre-Foreclosure Options For Borrowers In Pennsylvania

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender. This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic. You have options that can delay or even prevent losing your home:

  • If your mortgage is “above water”, (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local Scott Township PA mortgage broker or contact us and we can connect you with a reputable one.
  • You may be able to quickly sell your home to a real estate investor that is reputable in Scott Township PA like us at Dustin Buys Houses, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can purchase your Scott Township PA area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
  • You can contact the bank and ask them to permit a short sale. During a short sale, you have the opportunity to sell your home for less than its estimated value, and the bank will bear the loss and use it as a tax deduction. However, it’s important to note that in certain short sale situations, you may still be responsible for covering the shortfall if the sale proceeds do not fully cover the outstanding loan amount owed to the bank.
  • You may be able to declare bankruptcy, Opting for a short sale can provide you with valuable time to address your debt obligations. By selling your property for less than its worth, you can potentially mitigate your financial burden and create an opportunity to manage your debt more effectively. It’s worth noting that declaring bankruptcy can have long-lasting effects on your credit report, lasting for several years and potentially causing substantial damage to your credit standing. Choosing a short sale instead allows you to proactively address your financial situation without the severe consequences associated with bankruptcy.

Lenders are generally well-informed about the prevalent financial challenges faced by borrowers nationwide, and they are often open to working with borrowers to find viable solutions. By maintaining honesty and open communication with your lender, you will likely discover that there are various options available to help you retain your home or, at the very least, minimize the impact on your credit rating. It’s important to proactively engage with your lender, explore potential alternatives, and seek their guidance to find mutually beneficial arrangements that can alleviate your financial strain while preserving your creditworthiness.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender. But if you’re not able to find a solution with your lender working directly with them, connect with us. We may be able to help.

Sell My House In Scott Township PA

Ways we can help if you’re in pre-foreclosure:

  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your Scott Township PA area house – We are professional homebuyers in Pennsylvania and we would love to make you an all-cash offer on your property too.
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation, just free guidance without a catch.

If you’re in the pre-foreclosure stage, you’ve still got time to fix this situation. Just connect with your bank to see if they’re willing to work with you. Or if you decide to sell your house in Pittsburgh instead, contact us if you’d like to see what we can purchase your house for or to tap into our free foreclosure foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us At (412) 688-6311 Or Submit Your Info Here To Get A Cash Offer On Your House

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