Pre-Foreclosures
Expert Assistance Every Step of the Way
Navigating Pre-Foreclosure
Facing pre-foreclosure and foreclosure can be overwhelming and stressful. If you're finding yourself in this situation, you're not alone. Many homeowners face this challenging period, and knowing that resources and professionals are ready to assist can make a significant difference. Our mission is to guide you through this process with support and care, ensuring you retain control over the sale of your home and avoid the severe consequences of foreclosure.
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What is Pre-Foreclosure?
Pre-foreclosure is the stage before a home is officially repossessed by the lender. It begins when a homeowner misses a few mortgage payments (this varies by state and lender), leading the mortgage company to issue a notice of default. This notice is a formal warning that the bank is moving forward with the foreclosure process if the debt isn’t resolved. During this time, homeowners have the opportunity to take several actions towards halting or stalling the process. Part of our job is to educate you about your options - whether that means postponing payments for a few months, renegotiating your loan amount, navigating a short sale, or using your home's equity to sell and avoid the foreclosure process altogether. We will work with you to decide which path is right for you, your family, and your home.
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Fact: the bank CANNOT sell your home at auction without providing you notice.
Key Facts About Foreclosure
- The Timeline May Vary: In Maryland (MD) and Pennsylvania (PA), foreclosure timelines can differ significantly. Understanding the specific laws and deadlines in your state is essential for navigating this process effectively. We help you understand your position in the timeline and what options remain.
- Impact on Your Credit: Foreclosure can severely damage your credit score, making it challenging to obtain future loans or mortgages. Addressing pre-foreclosure issues proactively can help mitigate this impact.
- Possible Options: Homeowners in pre-foreclosure might explore various options, including negotiating with the lender, modifying the loan, or selling the property. Each option has its pros and cons, and it’s crucial to evaluate them carefully.
- Financial Implications: Foreclosure can be costly. Besides the potential loss of equity in your home, legal fees, maintenance costs, and other expenses can accumulate.
Success Story: Turning a Difficult Situation Around
We recently worked with a couple who was four months behind on their mortgage. They also had a HELOC and mechanic's lien against their home. The situation seemed hopeless. Even with selling the home, the mechanic’s lien would not be paid off, and the HELOC would not be paid in full.
We connected them with a title company to negotiate the different loans and navigated the process with the foreclosure law firm, both banks, and the contractor. This allowed them to sell their home on their terms. We used the equity in their home to pay off their mortgage, and negotiated with the HELOC and contractor to settle their balances. Each situation is unique, but the worst thing you can do is wait for the bank to take your home and incur additional fees and charges.
We’re Here for You
We specialize in assisting homeowners facing pre-foreclosure. Here’s how we support you through this challenging time:
Expert Guidance: As local, experienced real estate agents, we understand the complexities of the pre-foreclosure process in MD and PA. We help you navigate the intricacies of selling your home, dealing with HELOCs, and addressing any liens on your property.
Advocacy and Negotiation: Our team acts as your advocate, handling negotiations with lenders and other parties involved. We strive to secure the best possible outcome for you without the stress of managing it alone. We can obtain third party authorizations to speak to your creditors on your behalf and exhaust every option to keep you in the best position possible.
No Upfront Costs: Our services come at the cost of a standard real estate commission settled at closing. There are no hidden fees or surprises.
Local and Legal Resources: We have a network of local and legal resources available to support you throughout the process. Our goal is to provide you with the necessary support to move forward.
To learn more about our story, and why we're the top real estate pre-foreclosure option in the area, click below!
*Please note that while we provide guidance and facilitate the sale of your property, we are not legal advisors and do not offer legal advice. We work to assist you in dealing with your mortgage and liens, helping you achieve the best possible outcome in your situation.