Unfortunately when economic times get harder I start receiving more questions from homeowners about foreclosure. Usually they ask, “how can I save myself from foreclosure if I am behind on my mortgage?”
Hi guys, I’m Dawn D’Amico. I’m a licensed realtor in Pennsylvania and New Jersey. And, I’m here today to talk to you about how to save yourself from foreclosure.
If you are behind on your mortgage, you are not alone. Millions of homeowners fall behind on their payments each year, but there is hope. There are a number of things you can do to save your home from a foreclosure.
Step one, contact your lender. The first thing you should do is contact your lender and let them know if you are struggling to make your mortgage payments. They may be able to offer you a loan modification, which is a permanent change to the terms of your loan that can make the payments more affordable.
Step two, consider selling if you have equity or a short sale if you don’t have equity. Many homeowners have a lot of equity in their homes today because prices have risen so quickly in the past couple years. If your home is worth more than you owe, you could sell and walk away with the extra cash to get back on your feet financially.
If you just bought your home and you have no equity, then a short sale may be what’s required. A short sale is the sale of your home for less than what you owe on your mortgage. Short sales can be a good option for homeowners who are upside down on their mortgages. And don’t have the money to make up the difference between what they owe on their house and what it’s worth.
The third thing is you could consider a bankruptcy. Bankruptcy is a legal process that can help you discharge some or potentially all of your debts. Filing for bankruptcy can stop foreclosure proceedings and give you time to get back on your feet financially. You will want to consult with an attorney to see what’s best for your personal situation.
Listen, I’ve been here myself and I can tell you it’s nothing to be ashamed of and it can help you rebound if life events put you on your ass.
I had a client who was facing a foreclosure. He was behind on his mortgage payments and the bank was about to take his home. But, luckily he owed less than what the home could sell for. So, we let his lender know our plan to sell the home. He was able to avoid foreclosure and walked away with enough money to get him out of so he could get back on his feet.
Instead of the bank pocketing the difference between what he owed and his home’s value, he put the money in his own pocket.
If you are facing foreclosure, do not wait. The worst thing you can do is put your head in the sand and let the late fees pile up. Contact me today and I can help you explore your options. I’m here to help you save your home.
Just call or text me at the number you see below and schedule a free consultation with me today. I’ll help you assess your situation and develop a plan to save your home from foreclosure.
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So, are you thinking about buying, selling, or investing? Reach out to me today and let’s see if working together makes sense.
I’m Dawn D’Amico, your trusted realtor in Pennsylvania and in New Jersey. If you’re in another state, well, I’m sorry that sucks for you, but I can still refer you to a great agent in your market and I’ll talk to you soon.
📞 Dawn's Mobile: 215-962-9307, eXp Realty: 888-397-7352
📧 Email: dawn.damico@exprealty.com
🔗 More Info: https://bit.ly/3X9Ju4x
