What You Need To Know As A Homeowner When You Haven't Made Your Mortgage Payment

The Economic Is Providing Tough Times For Everyone These Days. What Happens To A Homeowner When You Can't Make Your Mortgage Payment?

Once you haven't made a payment you now have late fees and interest you still need to pay. Lets say you are 3 months behind but have enough money to make 1 full payment, but the mortgage company sends your money back! Get on the phone and let them know what is going on, Don't keep them in dark.

If you know you can't come up with the money look at the situation and come to reality what is really going on. Don't ignore It; This won't make the situation disappear. Throw out the thoughts of what will my neighbors think... Take action for yourself.

In Bucks and Montgomery Counties You will be served by the sheriff's department from your mortgage lenders attorneys. The foreclosure process has begun.

What Can Be Done?

• If you have equity in your home it will be in your best interest to sell and keep the money. You can alway purchase another home in future once you get back on your feet! Times will change and so can you.
• If you owe more than your home is worth sell it by doing a short sale. Your local Realtors can help you.
• If you can work a repayment plan out with your lender give them a call and fill out any necessary paperwork. If you have gotten back to work and are now making a steady income again let them know that you are willing to do whatever it takes to make it right.

If My Home Goes To Auction What Happens To Me?

• In the state of Pennsylvania there is NO Right of Redemption Period. You will not be able to purchase your home back. The bank either has bought it or a private buyer purchased it at the auctions.
• If you still occupy the home the bank may offer a cash for keys period. Typically the offer a few thousand dollars for move out cost. The first offer will be your best.
• If you refuse to take the cash for keys period then the sheriffs department will get an order for eviction. They will change the locks and let you get personal belongs out. There may be a moving company to place your things is a storage unit. The cost for the unit will be your responsibility. They may pay up to 30 days.

Call A Local Realtor In Your Area That Can Help You Through This Process. If you need help to see your best option in Bucks and Montgomery Counties Contact Marcie Purcell 215-534-2539 and Linda Tremblay 215-534-2369. We have access to county records that can help you!

For More Tips about Foreclosure and Short Sales go to Purcell Sells Homes

Feel Free To Email Us: Marciepurcell@yahoo.com & Linda@Tremblay.com

You Deserve Peace And Serenity In Your Life!!!