7 Ways to Prevent Foreclosure

Through no fault of your own, you may be facing one of the greatest challenges of your life—how to prevent your property from being foreclosed upon. 

Foreclosure is the act of taking possession of a mortgaged property when the mortgagor fails to honor their mortgage payments. 

Conversely, a foreclosure is a legal action mortgage lenders use to take control of a property that is in arrears. For borrowers facing foreclosure, there is often uncertainty about their legal rights and even the long-term consequences of foreclosure. (1)

When you fail to pay your mortgage, we buy houses Pennsylvania experts can help you from suffering foreclosure. There are not one, two, three, or four ways they can help you. These experts have seven ways through which they can help you from facing foreclosure. 

And the following are the seven ways to prevent foreclosure. 

In today’s marketplace, there are many different types of financial institutions that lend money. While you may not be able to refinance with your local bank due to your current situation, there are many mortgage companies and lenders who specialize in creative financing solutions. 

That’s how they can compete with the big banks. They are often able to review your situation and find a solution to your needs. 

It is true that the loan you get will probably have a higher interest rate than a regular loan. But if you have a good amount of equity in your property, the ability to refinance may be a good option that’s available to you. 

I know what you are thinking: “If I could bring my mortgage current, I wouldn’t be in this situation!” That may be true, but have you investigated every possible way that you may be able to get the funds? 



Can you borrow it from a friend, family member or co-worker? Can you sell something? Does your employer have any hardship loan programs? Brainstorm with family members or close friends. The more you think about it, the more likely it is that someone will come across a solution. 

The lender does not want to foreclose. That’s because lenders are in the business of having their money at work in loans, and not sitting on a property they have taken back through foreclosure. In fact, they understand that you want to sell my house fast Pennsylvania. Not only is that a black mark on the lending institution, but it hurts their financial picture as well. 

Therefore, in many instances lenders are willing to do “workouts”. What this means is that they are willing to work out the back payments that are owed, until you become current again. 

A typical workout would be the lender taking the full amount of your back payments and dividing that number by 12 or 24. They would then add that amount to your current payments, until you are paid upon. 

When considering a workout, you’ve got to be able to make that extra payment each month or you will be right back where you started—in the foreclosure process for the second time. At that point, the bank will not look very favorably upon your situation. 

It’s best to work with a workout specialist...someone who has done workouts before and knows the “ins and outs” of the lending business and we buy houses in Pennsylvania experts will help you avoid foreclosure.