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The Foreclosure Procedure And How To Prevent It

Published February 2, 2011 in Bank America Short Sales - 0 Comments

Sold By Short Sale

Hello, I’m Matt Fetick with Sold By Short Sale, Philadelphia and Delaware’s premier short sale realtor. Do you have questions about foreclosure? Do you wonder how the procedure works? We will attempt to satisfy some of those questions now. When you purchased your property, you made a commitment to the lender. Unfortunately, there are many different reasons why people fall behind on their mortgage payments. It could be a separation, drop in income, health challenges or medical bills. Many people find themselves in this situation.

Here is what happens. When a property owner is behind by three payments, the mortage company will start in on the process to foreclose on the home. This procedure can look different in different states. In the Philadelphia and Delaware area, the lender will file an action at the community courthouse. The homeowner is then served a letter and a hearing day is set. More often than not, the homeowners don’t show up and the lender shows that you failed to make payments. When this is done, the judge will find in favor of the bank.

Keep in mind, in Philadelphia and Delaware you always have the option of getting caught up on your payments and stopping foreclosure actions. If you can not do this, the bank will hold an auction for your home. That cash is then used to fulfill the mortgage.

You can also end your foreclosure by selling your house by the use of short sale. If you give us an opportunity to get an offer on your property the lender will commonly stop or extend the foreclosure proceeding. The banks do not want to take your home from you. They only want to get their money back.

We would encourage you to give us a call if a Philadelphia and Delaware short sale can help you end foreclosure.

Philadelphia Sold By Short Sale can answer your questions. We are Philadelphia and Wilmington Foreclosure Avoidance and Short Sale Specialists.

Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington

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