March 4, 2022

Your Foreclosure Options


We know that the real estate world can be complicated and overwhelming, especially when dealing with terms like foreclosure, deficiency judgments, and acceleration clause. The good news is that GIRLS BUY HOUSES is here to help you avoid the scary situation of foreclosure in the first place. When you work with us, we will help you sell your house fast and avoid complicated and costly real estate processes. If you live in Central Pennsylvania, we can help you out by making a cash offer on your home and buying your house quickly and efficiently.

If you are facing foreclosure and need to get out of this housing situation, keep reading to learn more about foreclosure and how our team can help.

First, What is Pre-Foreclosure?

Missing a single mortgage payment, or paying it late, isn’t the end of the road, so don’t feel too stressed right away if you are in a tight financial bind for a month. Actually, many mortgage contracts have a grace period, typically 15 days, where there isn’t a penalty for paying late. However, if it takes more than 15 days to make a mortgage payment, there is generally a late fee.

If you haven’t made a payment in 90 days or longer, your bank will then issue a “Notice of Default.” This is when you really need to start paying attention and start taking action. After you receive this notification in the mail, you will typically have 90 days to catch up on the total amount owed. This is the period known as pre-foreclosure. During this time, the bank won’t take possession of the house, but steps need to be taken as soon as possible to avoid foreclosure. This is also the time when you have various options available in order to avoid foreclosure — more on that soon.

What is Foreclosure?

Even when you have officially foreclosed on your home, you don’t need to actually move out of the house yet. Because the foreclosure process involves various people and paperwork, it can take months or even years to complete. However, during foreclosure, the lender repossesses the house and tries to sell it to get back some of their money. If you are worried about having to move out of your home and not getting any money for it, get in touch with GIRLS BUY HOUSES and we will help you sell your house fast. But keep in mind that the average length of time it takes to completely foreclose on a house is 883 days — over two years.

When the foreclosure process is complete, you will receive a Notice To Vacate and a Notice of Sale. The notice of sale will provide information, including time, date and location, about the auction, at which your house could be bought. In the state of Massachusetts, the new owner of the home must go through an eviction process before you need to move out of the house.


Vestibulum eget ex bibendum, ullamcorper mi a, commodo turpis. Maecenas suscipit massa lorem, vitae imperdiet neque ultrices a. Suspendisse arcu ipsum, elementum ac viverra sed, iaculis eu neque. Ut sed leo non magna ullamcorper laoreet sit amet in ante dolor amet.


Contact Your Lender

Depending on your lender and your situation, they may be willing to work with you in order to create a repayment plan. Don’t be afraid to ask, as this could be the best way to make the payments with the assistance of the lender.


Deed in Lieu of Foreclosure

This process involves giving the deed of the home to the bank. This will allow both parties to avoid the foreclosure process and the homeowner is released from the debt. However, the lender will sell the house, you will need to vacate the home, and this process can still cause significant damage to your credit.


Short Sale

If you owe more money on the home than it is actually worth, you can apply for a short sale. This is when the lender allows you to sell your house for less than the mortgage amount.


Reinstating the Loan

Look at the details of your mortgage contract to see if it’s possible to reinstate the loan, or catch up on the payments. In this case, you will need to pay all of the past-due payments, late fees, bank costs and other expenses relating to issuing a foreclosure. Unfortunately, after the foreclosure process has started, it’s difficult to remain in your home unless you can repay all past-due payments and any late fees that accrued during the time, unless the lender works with you to create a repayment plan, or you can refinance the loan.


If you are dealing with severe financial struggles, GIRLS BUY HOUSES can help you sell your house fast in order to avoid the foreclosure process. Learn more about our house buying process, and get in touch with us today. All it takes is a quick call and before you know it, we’ll make a cash offer for your home and you can finally move on from the difficult foreclosure process.

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment

Related articles