74. Which Is Better, A Foreclosure Or Short Sale Of Your Castle Shannon PA House?

We buy houses in Castle Shannon PA

We buy houses in Castle Shannon, Pennsylvania, and pay cash for houses in Castle Shannon for those who need to sell property fast. We all have rough times every now and again. Even professional Pennsylvania home buyers like us are no exemption. As a property owner, having a rough time may mean losing the biggest investment of your life: your Castle Shannon PA home. If you are unable to make your mortgage and insurance payments, you are about to be facing foreclosure with your lender if you miss a certain amount of payments; this all depends on your mortgage document.

Foreclosures Happen To The Best Of Us In Castle Shannon PA

Typically, the foreclosure process will not commence until you have missed 3-6 payments. It’s important to understand that foreclosure is a step-by-step procedure. The initial stage is referred to as pre-foreclosure, during which the property is in default, and the bank may or may not proceed with foreclosure. The next step is a short sale, where the property owner attempts to sell it before the bank forecloses, but the market value falls short of the loan balance. Whether the bank accepts offers below the balance varies. Opting for a short sale can be more beneficial for the owner’s credit. The third step involves a foreclosure auction, where the bank aims to sell the property in Castle Shannon PA quickly and for the highest possible price. If the property fails to sell at the auction, the bank repossesses it and places it on the market for sale, marking the fourth step known as an REO (Real Estate Owned).

Based on the outlined process, “foreclosure” refers to the bank acquiring title or “possession” of your Castle Shannon PA house. This event will have a negative impact on your credit score and will be reflected in reports that potential landlords may run. The foreclosure remains on your credit report for at least 7 years, and in some cases, up to 10 years, before it is removed. Depending on your circumstances, if you allow the property to go into foreclosure, you may have additional time to reside in your home due to the statutory redemption period. The length of this period depends on whether you obtained title through a mortgage or a deed of trust. If you have a mortgage, the process may take as little as 30 days or as long as 2 years. At the conclusion of the redemption period, if you have not reinstated your loan and are still unable to make payments, you will be required to vacate the premises. In the case of a deed of trust, there is typically no statutory redemption period, and you would need to move out immediately.

Is A Short Sale Really The Answer In Castle Shannon, Pennsylvania?

During the foreclosure process as described above, you have the opportunity to list your Castle Shannon PA house as a short sale. The best time for a short sale is the time period when you realize you are unable to make your payments as outlined in your loan agreement, and before the lender files, legal action against you and officially owns your property. You will be able to list your home on the market and try to get an offer that will satisfy the balance of your loan or get really close to it. This might be a difficult process because you will have to be in constant communication with the lender about the offers you receive and will have to wait for them to approve or counter offer the offers you receive. If you do have an offer that the bank is willing to accept, selling your Castle Shannon PA real estate to that buyer would relieve you of some of the credit damage of having a foreclosure, although it would still negatively affect your credit.

Sell My House In Castle Shannon PA

Choosing between being foreclosed and initiating a short sale is an easy choice for a borrower having trouble paying mortgage on time. The best option would be to avoid the foreclosure process altogether and negotiate a sale of your property before you get to the point of missing payments on your loan. Sell your house in Pittsburgh directly to local homebuyers in Pennsylvania like Dustin Buys Houses. Get hold of us anytime to discuss your situation. We won’t charge a thing to discuss your situation with you and let you know your options. And we can even give you guidance and pointers at absolutely no cost or obligation.

Contact Us Today At (412) 688-6311 To See What Options We Could Offer You So You Wouldn’t Have To Decide Which Would Be Better, A Foreclosure Or Short Sale Of Your Castle Shannon PA House!

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