Bucks county foreclosure solutions
If you are facing a Foreclosure in Bucks County and do not know where to turn you are not alone. Currently 1 out of 33 residents in Pennsylvania are behind on their mortgages and 1 out of 25 residents owe more on their home then it’s worth. The following is a brief outline of your options to avoid foreclosure in Bucks County. 
Reinstatement : The homeowner contacts their lending institution to find out how much they are behind, then pay all the back payments, penalties, and the bank’s attorney bill. In Bucks County this will end foreclosure immediately.
Forbearance or Repayment Plan: A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. In Bucks County you can begin this before your foreclosure starts.
Mortgage Modification: A mortgage modification involves the reduction of the interest rate, principal balance, or a combination of both. In Bucks County the Bucks County Housing Authority can be of assistance and try to stop your foreclosure, call for information.
Rent the Property: With the Bucks County rental market being at an all time high renting may be an alternative to foreclosure. This option can only be used if you are able to reinstate your mortgage and avoid foreclosure.
Deed in Lieu of Foreclosure (Friendly Foreclosure): A deed in lieu allows the homeowner to avoid a foreclosure in Bucks County and return the property to the lender. This option needs lender approval and the credit implications can be as severe as a foreclosure.
Bankruptcy: If the homeowner has non-mortgage debts that cause a shortfall in paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a solution. We have found that in most cases declaring bankruptcy only delays foreclosures in Bucks County so check all options before proceeding.
Refinance: If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage. If you are reading this I would assume it is too late for this option.
Sell the Property: Homeowners with sufficient equity can list their property with a Short Sale PA Homes that understands the foreclosure process in their area. Here in Bucks County this is a great option since housing prices are on the rise.
Short Sale: If a homeowner owes more on their property than it is currently worth, then they can hire a Short Sale PA Homes agent to market and sell their property through the negotiation of a short sale with their lender.
If you received your foreclosure notice and are in Bucks county you are not too late. Foreclosures can be stopped even on the day of the foreclosure but you need an expert to help. Avoiding Foreclosure in Bucks County can be accomplished but action must be taken. In a quick 20 minute meeting we can cover your possible avenues and you can walk away with a new game plan. Call today for a free confidential evaluation of your individual situation and possible options.
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