Lancaster PA Foreclosure Options

If you are facing foreclosure in Lancaster County, PA there are options. Here's a breakdown of some options available to you today:

The type of mortgage loan an owner has may determine what types of alternatives they may be eligible to pursue. Lancaster Homeowners facing loan trouble are encouraged to contact their lender and a Housing Counseling Agency to discuss which alternatives they are eligible for, and which one is best for their situation.

Options To Retain The Home:

The following options will result in an owner retaining ownership of their property.

1. Repayment Plan: This usually involves establishing a schedule with the Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.
2. Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.
3. Mortgage Modification: This option may allow the owner to refinance the debt and / or extend the term of the existing mortgage loan.
4. HUD Partial Claim: If the loan is an FHA insured loan, the lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring the mortgage loan current with payments.
5. Refinance: This option may allow the Lancaster home owner to use the equity that they have established in their home to pay the delinquent amount. Depending on the interest rate of the new loan, the monthly payments might be reduced. Homeowners can explore refinancing with their existing Lender as well as with any Lender of their choice.
6. Homeowners’ Emergency Mortgage Assistance: This option provides special financial assistance to Pennsylvania residents, including Lancaster, who are facing the possibility of losing their primary residence through foreclosure. Depending on the Homeowner’s situation, they may be eligible to receive a LOAN to bring their mortgage payments current. Homeowners, depending on their circumstances, may also be eligible to receive financial assistance with their monthly mortgage payment for up to 24 months from the date the mortgage became delinquent.

For more information on Lancaster PA foreclosure options, Lancaster PA short sale options and more visit www.LancasterPAsrealestate.com.  Home Solutions, a short sale program designed to help you avoid bank foreclosure, is another alternative.