We Buy Homes

What are my options when I am in Pre-Foreclosure?

• You can bring your account up to date by paying what you owe in one lump sum or make payments in addition to your monthly payment. (need Lender approval)

• You can request a loan modification (reduce payments) from your Lender but you have to qualify. (need Lender approval and usually only for a specific amount of time as per the Lender)

• You can declare bankruptcy, but sometimes necessary. (not as bad as a foreclosure)

• You can sell your property by getting approval from your Lender to accept less than what is owed. (short sale- have to qualify)

• You can sell your property back to the Lender (cash for keys) or sign over the Deed to the lender in lieu of Foreclosure. (have to vacate the property)

• You can sell your property with a realtor on the open market if there's enough equity to satisfy the Loan and all liens attached to the property.

If I lose my home to foreclosure, can I ever buy a home again? What impact will a foreclosure have on my credit report?

It is possible to qualify for a mortgage after a foreclosure. However, foreclosure will hurt your credit.

Foreclosure information generally remains in your credit report for seven years from the date of the foreclosure. Even if you have a bad credit history or a low credit score, you may qualify for an Federal Housing Administration (FHA) loan. You may also qualify for a subprime mortgage, but note that subprime mortgages may have much higher interest rates than most other mortgages. Carefully consider the costs and risks of the loan that you are offered, and weigh the costs of the loan you might be able to get now against the option to wait and build up your credit history before buying a home.

One of the best options for obtaining a mortgage after foreclosure is with a federally insured FHA loan. Three years is the minimum time required between the completions of foreclosure until approval of an FHA loan, regardless of any extenuating circumstances. FHA borrowers still have to prove good bill-paying habits since the foreclosure for any approval as well.

How Does a Foreclosure Affect Your Credit?

Foreclosure can have lasting impact on your credit. If you are considering foreclosure, it's important to understand the consequences before moving forward.

Once a home is lost to foreclosure, the homeowner’s credit score could drop dramatically. According to FICO, for borrowers with a good credit score, a foreclosure can drop your score by 100 points or more. If your credit score is excellent, a foreclosure could reduce your score by as much as 160 points. In other words, the higher your credit score the more impact a foreclosure will have.

Typically, it will take three years or more of on-time payments to restore the credit score. If the foreclosure is an isolated event and the borrower's credit is otherwise sound, consumers may be able to recover more quickly. It can take anywhere from three to seven years to fully recover.

A low credit score due to foreclosure can result in expensive interest rates and limited credit, making financial recovery difficult.

Can I prevent my property from being sold at a Sheriff's sale or Auction?

In most cases, Yes, but you need someone who is knowledgeable who can help guide you thru the process.

We Buy Properties In Any Condition At A Fair Price!

If you're facing any of these situations your Pennsylvania property may qualify.

Are You In Foreclosure or Are About To Be?

• Do You Own Unwanted Rental Property?

• Do You Have Frustrating Tenants (Or Family Members) That You Can’t Get Rid Of?

• Do You Own A Vacant Property?

• Did You Inherit An Unwanted Property?

• Do You Need To Relocate Quickly And Need To Sell Your Current House Fast?

• Do You Want To Avoid Paying Realtor Commissions?

• Are You Going Through A Divorce?

• Do You Have Little Or No Equity And Need To Sell?

• Do You Own A “Fixer Upper” That You Don’t Want To Fix Up Or Don’t Have Time To Fix Up?

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