How to Avoid Foreclosure in Pittsburgh
While the housing market is showing signs of recovery, many homeowners in Pittsburgh are still struggling to keep up with their mortgage payments. If you’re underwater on your home or falling behind on monthly payments, it’s natural to worry about the possibility of foreclosure. Fortunately, there are several options available to help homeowners avoid foreclosure in Pittsburgh. Acting quickly is critical and could make the difference between protecting your credit and keeping your home.
So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Pittsburgh with your home.
The Keys of How To Avoid Foreclosure in Pittsburgh Don’t Abandon Ship
Many homeowners feel overwhelmed and choose to walk away from their properties altogether. In some parts of Pittsburgh, entire neighborhoods have begun to feel deserted as economic hardship has taken a heavy toll on residents.
Detroit offers a stark example of what can happen when large numbers of people abandon their homes.
While this is an incredibly stressful situation, it’s critical to stay focused and informed. Foreclosure can severely damage your credit score and may prevent you from buying another home for many years. Selling your home doesn’t always eliminate the debt either—if the sale doesn’t cover the full loan balance, the lender may pursue legal action to recover the remaining amount.
While it’s extremely stressful, you do have options:
Talk to your mortgage lender
Banks and other financial institutions know that many homeowners in Pittsburgh are facing financial strain. If you’re still current on your mortgage, you may have room to negotiate more favorable loan terms. Lenders generally prefer to avoid foreclosure and are often willing to work with borrowers who haven’t fallen too far behind. Options may include temporary forbearance or a permanent loan modification.
Seek assistance through federal programs
In recent years, the federal government has introduced several initiatives designed to help homeowners in distress. The Home Affordable Modification Program (HAMP) enables eligible homeowners to adjust their loan terms and lower monthly payments. The Home Affordable Refinance Program allows qualifying borrowers to refinance an adjustable-rate mortgage into a stable, low-interest fixed-rate loan. Eligibility requirements apply to both programs.
Explore your options
We know the threat of losing your home can feel overwhelming, but you’re not alone. Many residents of Pittsburgh are facing similar challenges. Foreclosure can have long-term consequences for your financial future, so it’s important to act quickly and explore all available options. Taking the right steps now could help protect your credit and allow you to stay in your home.
Let We Buy Property help you
We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.
