Facing pre-foreclosure can be an overwhelming and stressful experience. If you’re finding yourself in this situation, you’re not alone. Many homeowners go through this challenging period, and it’s crucial to know that there are resources and professionals ready to assist you. Our mission is to guide you through this process with as much support and care as possible, ensuring that you retain control over the sale of your home and avoid the severe consequences of foreclosure.
What is Pre-Foreclosure?
Pre-foreclosure is the stage that occurs before a home is officially repossessed by the lender. It begins when a homeowner misses a few mortgage payments, leading the lender 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 action.
Key Facts About Foreclosure
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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 can assist with helping you understand where you’re at in your timeline and what options remain.
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Impact on Your Credit
Foreclosure can severely damage your credit score, making it difficult to obtain future loans or mortgages. By addressing pre-foreclosure issues proactively, you can mitigate this impact.
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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 important to evaluate them carefully.
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Financial Implications
Foreclosure can be costly. Besides the potential loss of equity in your home, there are legal fees, maintenance costs, and other expenses that can accumulate.
How We Can Help
We specialize in assisting homeowners facing pre-foreclosure. Here’s how we can support you through this challenging time:
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Expert Guidance
We are local, experienced real estate agents who understand the ins and outs of the pre-foreclosure process in both MD and PA. We help you navigate the complexities of selling your home, dealing with HELOCs, and addressing any other liens on your property.
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Advocacy and Negotiation
Our team acts as your advocate, making the necessary phone calls and handling negotiations with lenders and other parties involved. We work to ensure you get the best possible outcome without having to deal with the stress on your own.
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No Upfront Costs
Unlike some solutions that require upfront fees or unexpected charges, our services come at the cost of a standard real estate commission settled at closing. There are no hidden fees or surprises.
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Local and Legal Resources
We have a network of local and legal resources available to help you through every step of the process. Our goal is to provide you with all the support you need to move forward.
Success Story: Turning a Difficult Situation Around
A year ago, I started working with a couple that was 4 months behind on their mortgage. They also had a HELOC and mechanic’s lien against the home. The situation seemed hopeless to them – and I can understand why. Even with selling the home, the mechanic’s lien would not be paid off and the HELOC would not be paid in full.
I helped connect them with a title company to help negotiate the different loans, and helped navigate the process with the foreclosure law firm, both banks, and contractor myself, to allow them to move forward with the sale of their home, on THEIR terms. We were able to use the equity they had in their home to sell it, pay off their current mortgage, and negotiate with the HELOC and contractor to settle their balances. Every situation is different, but the worst thing you can do is wait for the bank to take your home and become farther behind on the mortgage, incur fees and interest, incur charges from the restoration company to maintain your home, etc.
We’re Here for You
If you’re facing pre-foreclosure, please know that you don’t have to navigate this alone. We are here to offer support, answer your questions, and help you take the necessary steps to protect your financial future.
Feel free to reach out to us at any time via phone or text at 443-878-5088. Let us help you find a solution that works for you, so you can focus on moving forward with confidence.
Sincerely,
Elisabeth Yeager & Kristen Redwine