What To Do When Facing Foreclosure In Pennsylvania

Facing foreclosure can be a stressful and overwhelming experience. Homeowners in Philadelphia may find themselves in a difficult situation where their home is at risk of being foreclosed on. There are, however, options available for homeowners who are facing this dilemma. This blog post will provide an overview of the different options available when facing foreclosure in Pennsylvania. 

Foreclosure Prevention Options


The first option that homeowners in Pennsylvania have to consider when facing foreclosure is working with the lender to come up with a solution that works for both parties. Homeowners should contact their lender as soon as possible to discuss their current situation and options for restructuring or refinancing the loan. Some lenders may be willing to work with you and create a payment plan or modify your loan terms so that you can remain in your home. 

Another option is to apply for a special loan program such as the Federal Housing Authority (FHA) or Home Affordable Modification Program (HAMP). These programs are designed to help homeowners make their mortgage payments more affordable by offering lower interest rates or extending the term of the loan. The application process can be lengthy and complicated, but it is worth pursuing if it means avoiding foreclosure. 

Homeowners who are unable to keep up with their mortgage payments may want to consider selling their home as a way of avoiding foreclosure. Selling your home allows you to pay off any outstanding debts and avoid having your credit score negatively impacted by a foreclosure judgment. If you need assistance navigating the sale of your home, Tadross Law can help facilitate the process and ensure that all legal obligations are met throughout the transaction. 

When faced with foreclosure, it’s important for homeowners in Pennsylvania to understand their options and take action quickly. Working with your lender, applying for special loan programs, or selling your home are all viable solutions for avoiding foreclosure and preserving your credit score. At Tadross Law, our experienced attorneys can assist homeowners through every step of this process, from understanding different legal documents to completing paperwork associated with selling or refinancing a home. Contact us today if you’re facing foreclosure in Philadelphia!