If you have fallen behind on your mortgage payments or are otherwise in a financial situation where you know you will be unable to pay, you may be facing foreclosure. However, you do not have to let your mortgage go into foreclosure in Pennsylvania. There are some alternative options you may have to protect your home and your credit.
According to the Homeownership Preservation Foundation, you can negotiate with your lender for a plan that could make your mortgage more affordable or you could let go of your home in a way that will not have such as a negative impact on you as a foreclosure. For example, you could turn the house back over to the lender using a deed in lieu. You also could sell your home for less than you owe, which is called a short sale.
If you want to try to keep your home, you may be able to get payment forgiveness where your lender lets you skip a payment so you can get caught back up. You could try to refinance to get a lower interest rate so your payments are less each month or otherwise modify your loan to make the terms easier for you to afford.
Some lenders may work out a plan to allow you to catch up on your payments or even suspend your payments if you are having a temporary financial issue. If you have an FHA loan, you may be able to do a partial claim, which is an additional loan that will help you get caught up on your mortgage. This information is for education and is not legal advice.