If you’re planning to purchase a real estate property in Pennsylvania, then you must be well acquainted with the state mortgage laws to avoid foreclosure and be safe with the mortgage loan. A complete knowledge of the judicial foreclosure process will also help you to plan your purchase carefully from the beginning.


5 Tips to avert foreclosure sales in Pennsylvania

Apart from accumulating knowledge on rules and regulations for foreclosure in Pennsylvania, you must try to work on managing your mortgage loan carefully to avert the dire consequences. Here are some cautious tips that you must try to save your property by avoiding foreclosure in Pennsylvania:

 

  1. Be careful from the very beginning: It’s really a tough job to control the situation once the lender sends you the notice of intent to foreclose. It’s obviously better to be careful with your mortgage loan from the very beginning. You must take out a loan according to your affordability. Make it a point to maintain the monthly mortgage payments on time. Through regular payments you’ll be able to pay off your mortgage loans in time and foreclosure will never appear in the scene. This will also increase your credibility and your lender will also cooperate with you in case of any loan related problem.

  1. Have a discussion with your lender: If you’re going through a financial hardship due to which you may face foreclosure, then you must talk to your lender immediately. If you’ve maintained your mortgage loan successfully before, then your lender may agree to cooperate with you. Don’t hesitate to discuss openly about your financial hardship. Being honest to your creditor will only make the things easy for you.

  1. Try refinancing your home: Mortgage refinance is an effective way to save your house from foreclosure. If you’ve good equity in your house and a reasonable credit score, then the process will be even easier for you. Just find out a fresh mortgage loan with reasonable terms and refinance your old loan. This will make it easy for you to manage your mortgage payments on time and you won’t have to face foreclosure either.

  1. Contact Pennsylvania Housing Finance Agency: Pennsylvania Housing Finance Agency or the PHFA has numerous programs to help troubled homeowners by preventing foreclosure in Pennsylvania. The special programs even include counseling and proper assistance for the homeowners. Different homeowners have different requirements and situations to deal with and the PHFA has created the programs keeping those requirements in mind. Through the counseling programs homeowners will be able to find out exactly how they must work for avoiding foreclosure. So, you may conveniently get help of the Pennsylvania Housing Finance Agency for the proper guidance.

  1. Put up your home for sale: If your financial condition is really miserable and you just can’t afford the mortgage payment at any cost, then selling your house can be the last resort for you. Once your lenders decide to opt for foreclosure, it may get tough for you to sell your house. So you need to take the right step before your lenders take any legal action. By selling your house you’ll be able to avert foreclosure and recover some money to solve your financial problems too.

 

The 5 tips pointed above will help you to avert foreclosure in Pennsylvania. However, you must try your level best to be regular on your mortgage payments to lessen loan related problems. Take out a mortgage loan that you can pay off without any complication. So evaluate your financial standing before taking any vital step. All these things will help you to avoid foreclosure and you’ll never have to lose your house in Pennsylvania.


This article has been contributed by Sam Stokdale, a financial writer specializing in mortgage. Immersing himself with the financial sector, he has covered topics including real estate investment, lending and borrowing, managing finances and credit advice.

 

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