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Don't waste any time if you've received a notice of default or foreclosure from your lender! Read this time sensitive material, It could save your financial health.

philadelphia short saleOne of the scariest things showing up in mailboxes all over Pennsylvania is the “Notice Of Default and Foreclosure”.

This little piece of government paper is sending shock-waves of stress to millions of homeowners just like you all over the United States. Have you received one?

What do you do now?...

Don't give up. Just because you've received a notice of default does not mean that you have to lose your home. It’s not too late!

YOU HAVE SEVERAL OPTIONS: Foreclosures are lengthy processes, they do not happen overnight. You have a little time if you act now. Banks are knee deep in this just like homeowners and more often than not they are more eager to work out a solution with you as they are to proceed with a foreclosure.


  • A Mortgage Modification A mortgage modification in Pennsylvania is just what it may sound like. It is a re-negotiation of sorts between you and your lender. It is the attempt to strike at loan terms that are more palatable for you the borrower, and within reason for your lender. Many times the money lost from such a modification to the lender is less than it would cost them to foreclose on your home.

A few things that you will have to work through with your lender in order to evaluate a loan modification are- the value of your home vs the loan, a letter of hardship from you, a detailed income and expense report and any information concerning loss of income on your part.

  • Forbearance and Partial Payment Plan This is a good option that most lenders in Montgomery County PA are very willing to look at if your income has been interrupted temporarily, or you have lost your job but another one is on the horizon. It is worked out similar to the way a mortgage modification is. This NOT an option for you if you are simply in more home than you can afford.
  • FEDERAL PROGRAMS There are Federal programs to help struggling homeowners get back on their feet and stay in their home.
  • MHA Plan The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. This is accomplished by lowering your interest rates and in return you will have lower monthly payments. For example: If you have a 6% loan of $450,000 on your home in Montgomery county and through the MHA Plan you get a 5% rate negotiated, your monthly mortgage payment will drop from $3,166.73 to $2,884.45.
  • A HAFA Approved Program The Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. In 2009 this program was approved to provide a way for home owners to keep their home when they are no longer able to comply with an existing loan modification program. Like many government programs, this one can be a bit confusing, let me send you me ebook that explains it all!
  • BUT THE BEST OPTION MAY BE... A PRE-FORECLOSURE SALE THAT WILL SAVE YOUR FINANCES and CREDIT! A Pre-Foreclosure Sale or Short Sale in Montgomery county may be far and above the best way to get the financial monkey off your back and preserve your credit. Ask for my ebook below that will help you look at this option and see if it is the best for you.

There are several options, for stopping foreclosure after you've received a foreclosure notice. But Time is on the ESSENCE and you must Act NOW to preserve your rights. So use the form below to request your free foreclosure evaluation and our free ebook on stopping foreclosures. It will give you practical steps to help you get rid of that stress that you are carrying right now!

Fill out my Wufoo form!
copyright 2011 James Harner Group | Philadelphia Realtor

John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

I liked your blog post and I thank you for sharing it with us!

Apr 18, 2011 06:35 PM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

James  You certainly are well versed on the subect.  People in your area facing foreclosure would be wise to contact you

Apr 29, 2011 12:42 PM
David Artigliere
Reading, Pottstown, Norristown, Philadelphia - Collegeville, PA
ARTI Home Inspections, ASHI Certified Home Inspect

Sounds like anyone facing foreclosure in PA could benefit greatly by speaking with you!  Great blog!

Sep 09, 2011 04:56 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Hi James. Thanks for sharing a very informative post about foreclosure notice in Pennsylvania. This is a must read by every distressed homeowners in your area. Keep up the good work!

Nov 05, 2011 04:12 PM