How to Stop Foreclosure in Berks County, Pennsylvania
According to RealtyTrac, the average Pennsylvania foreclosure process takes about 10 months. Compared to other states, this is a longer period of time. Even though foreclosure is devastating, you can halt the foreclosure or at least lessen the blow, by seeking assistance. If you are a Berks County homeowner, various programs are available to help you. Utilize federal, state and county assistance to stop foreclosure and save your home.
Other People Are Reading
Instructions
-
-
1
Call your lender. At the first sign of a struggle to meet your payment obligation, contact the lender to discuss your Berks County home. Lenders are willing to negotiate with homeowners to make the loan more manageable. Your lender will likely request a hardship letter stating the reason you are delinquent. If you have not fallen behind yet, you may be able to refinance through the Making Home Affordable refinance program. If you qualify, the program can lower your interest rate to significantly reduce the monthly payment. If you are considering a short sale or deed-in-lieu as an alternative to foreclosure, ask your lender if they participate in the Home Affordable Foreclosure Alternative program. Through the program, homeowners are eligible for relocation funds.
-
2
Contact a counselor to explore options. Nonprofit foreclosure prevention counselors can review your loan and determine the best option for you. The counselors have extensive foreclosure knowledge and can explain the process. If you have any questions, consult the counselor for clarification. Counselors are able to match you to programs available in Berks County. They can even advocate with the lender on your behalf. The Berks County Community Action Program provides counseling services to low- and moderate-income homeowners. You can also locate a counselor near you by visiting HUD.gov.
-
-
3
Refinance your mortgage through the Pennsylvania Housing Finance Agency. The nonprofit agency provides multiple assistance programs to help homeowners avoid foreclosure. One offered is the Refinance to an Affordable Loan program. The REAL program provides flexible financing to assist homeowners in Berks County that would not likely qualify for a traditional loan refinance. Another program that can stop foreclosure is the Homeowner's Equity Recovery Opportunity loan program. Through the HERO program, the Pennsylvania Housing Finance Agency purchases your loan from the current lender and places you on an affordable repayment plan.
-
4
Apply for emergency assistance. Homeowners' Emergency Mortgage Assistance Program is a loan program that assists Berks County homeowners who suffer a hardship. The loan is used to bring the delinquent mortgage current. Some homeowners may be eligible for continuing mortgage assistance, which subsidizes the payments to make them more affordable.
-
1
