Stop Your PA Foreclosure?

If you're familiar with this blog you know that it was created by Real Home Solutions, Inc. (RHS) to help Pennsylvania homeowners and buyers who need help with their real estate transaction. RHS provides tips, articles and insights that may help folks out. We get many folks who contact us because they need to sell their PA house fast for a variety of reasons: divorce, death in the family, job loss, excessive repairs needed and foreclosure.

Well lately there has been a HUGE rise in foreclosures in the area. Unless you live under a rock, you're well aware of what's going on in the financing industry and real estate market here in Pennsylvania. Now more than ever before RHS is contacted by homeowners who are headed into foreclosure and they are looking for our help to STOP their foreclosure. Something that a lot of homeowners get misled about is the ability to stop their foreclosure. RHS can NOT stop your foreclosure nor can anyone else for that matter except YOU. And YOU can stop it by paying the cash needed to bring your loan current.

Many folks resort to filing bankruptcy to stop their foreclosure. However, they are very misinformed by their bankruptcy attorney. Filing bankruptcy does NOT stop your foreclosure, it just stalls it. I promise you though, if you are in foreclosure and you stall it by filing bankruptcy, the bank WILL eventually get the OK from the bankruptcy court to proceed with the foreclosure. So don't be misinformed ever again when speaking with a bankruptcy attorney. Also, some need guidelines have been set by Fannie Mae in regards to foreclosures and filing bankruptcy, etc.

To sum it up: IF you file bankruptcy (except Chap. 13) to STALL your foreclosure you have just ruined your credit for 4 years! If you file Chap. 13 and your case gets discharged then your credit is only ruined for 2 years from the date of discharge. But if you file Chap. 13 and your case gets dismissed then your credit is ruined for 4 years and it starts from the date of dismissal.

And the key to remember with bankruptcy is that it WILL NOT STOP YOUR FORECLOSURE. It just stalls it and screws up your credit for the most part for 4 years!

Now, something that RHS can do to help folks heading into foreclosure is that we buy your house and negotiate with your lender to accept less than what you owe them. Why do we do this? Well alot of times folks headed into foreclosure owe more than what their house is worth so this is a necessary negotiation for us in order to get the deal done. Banks, beleive it or not, are very open to this type of negotiation because they do NOT want to foreclose on you (costs too much time and money.) They just want the house to be sold and the loan to be gone forever and if that means taking less than whats owed then they are al for it. Well with the new Fannie Mae guidelines if YOU, as a homeowner, agree to this type of negotiation and the sale goes through (instead of getting foreclosed on) then your credit is only messed up for 2 years! That's it! And there are no other stipulations involved with that.

But if you let your house go to foreclosure then not only is your credit ruined for between 5 to 7 years BUT there are other stipulations involved if you ever want to buy a house again. The biggest stipulation is that you have to have at least 10% to put down and a 680 credit score! Even if you just turn the deed over to the bank, which is called a deed in lieu (of foreclosure,) then your credit is ruined for to 7 years and you're going to need 10% down if you want to buy a house again!

What does all of this mean? It means working with a company like Real Home Solutions, Inc. to negotiate a shortsale with your mortgage company is SUPER beneficial to homeowners who are going into foreclosure.

Don't take our word for it though. Read it from Fannie Mae. The text below is taken from Fannie Mae's site and you can follow the link at the end to read the chart that will describe all of the actions you can take and what those actions will mean to you.


"Establishing a new policy for preforeclosure sales. A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.

The following table outlines Fannie Mae’s current and new policies for manually underwritten loans related to the time period that must elapse before borrowers can demonstrate they have reestablished an acceptable credit history after the occurrence of
the bankruptcy or foreclosure."

Here's the link to everything just put out recently by Fannie Mae and a link to the chart that you can look at to see what your actions will mean for you.

If you'd like RHS to help you with your foreclosure situation then please call Carey at 610-999-6410 or visit our website to GET A CASH OFFER NOW!

Feel free to post any comments or questions on this blog and we'll be more than happy to help you out!

Is it a good idea to sell your home yourself?

Are you thinking about selling your home? Have you been thinking of selling it by yourself instead of hiring a real estate agent? There are several advantages of selling your home yourself, but there are disadvantages as well.

To make it easier for you to make a decision find the most important pros and cons below.

The most important PRO for selling your home yourself is MONEY.  Selling your home without the help of an agent means more money in your pocket! By selling it yourself you save the commissions and fees. We are not talking about pennys, we are talking about THOUSANDS of dollars which you would have to pay an agent. 

Another advantage is that you are able to decide the times for open houses and showings. It is also completely up to you where and when you want to advertise.
Unlike a real estate agent who is selling many houses, you can focus on YOUR house, because you are only selling your own house. It is obvious that you will have more interest in the sale than an agent.
 
But as mentioned above there are also disadvantages to selling your house yourself. Real estate agents are paid a lot of money for a reason. Selling a home takes a lot of energy and time. Dealing with potential buyers, open houses, closing sales and of course dealing with legal issues. Real estate agents are familiar with all the above and their experience can impact the sale. 

Be realistic when making a decision! Will you drop everything to make a showing? Do you think you are indeed a good negotatior and ask for an offer? Are you 100% sure you are able to close a deal? Selling a home is a big project! It is not everyone who can take on such a big project and can stay calm and professional when dealing with buyers. And do you even know if you are dealing with a qualified buyer or is it someone that is just wasting your time? How about safety? Have you taken all of the safety precautions that you should when you are letting strangers into your home?

Selling your home is not impossible, but it is a challenge. If this challenge excites you and if you are willing to learn then it is not impossible managing selling your home without the help of an agent. With some know-how and a lot of energy you can sell your house without the help of a real estate agent and save thousands.

So how to start? Sit down and start evaluating your house. Finding the right price is the first and most important step when selling your home yourself.

And if you are looking for someone who is ready to buy your house RIGHT NOW and have an offer in your hands within 48 hours then you can contact Real Home Solutions, Inc. at 610-999-6410 and they will make you an offer on your house. They buy houses in any condition and in any situation. Call the 610 number for an IMMEDIATE response or if your situation is not urgent then fill out this form on their website to get a cash offer in 48 hours! By the way, Real Home Solutions, Inc. does NOT charge any commissions or fees and you will be able to sell your PA house fast!