How to Avoid Foreclosure on your Property

A foreclosure is a legal process in which a mortgage lender or lienholder attempts to recover the balance of a loan or debt from someone who has stopped making payments by forcing the sale of the asset used as the collateral for the loan or on which a lien has been placed.

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A property can be foreclosed if the property owner defaults on the mortgage payments or becomes delinquent in property taxes payments.

This information is available on the Philadelphia Sheriff’s Office website.

https://www.officeofphiladelphiasheriff .com /en/avoid-losing-your-home/home-owner-resources

1) What if I miss a mortgage or tax bill payment? DO NOT IGNORE LETTERS FROM YOUR  LENDER(S) OR TAXING AUTHORITIES. Call or write your lender(s) or taxing authority from which you received notice that you are PAST Due.

When in touch with a lender, be prepared to provide your financial information and reasons for your missed payment(s).

Talk to them about services and programs offered by the city, federal government, or the lender to help you keep your real estate. Discuss options such as selling the property, refinancing, short sales, loan modifications, and second mortgage opportunities. If you have experienced a recent change in your financial situation - reduction of income or increase in living expenses – you may qualify for a temporary suspension of payments or other relief offered.