Foreclosure in Philadelphia>Question Details

Rememberwhen…, Home Owner in Philadelphia, PA

trying to save my home

Asked by Rememberwhen76, Philadelphia, PA Thu Dec 22, 2011

Hello, I am trying to stay in my house. I owe $98k and to bring my mtg current I need $4500 which I do not have. at this time. What can I do?

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Larry Lichtman’s answer

You may be eligible for a HAFA program modification. I have had great success working with a local non-profit to help homeowners keep their homes. You should contact Martin Lewis at The Partnership CDC as soon as possible. You can reach Martin at 215-307-4917(or 4718/19/20). Make an appointment to see him. Be prepared when you call him. Have at hand: your last mortgage statement and all account and bank contact info.

There is no charge for his services. He can delay and stop foreclosure if you contact him in time. Your alternatives are: mortgage modification, deed in lieu, short sale or foreclosure. Do what is best for you.

Good luck. Happy Holidays!

All the best,
Larry Lichtman
REALTOR, Property Manager
YOur Real Estate Resource For Life
(267) 254-7994
Web Reference:
2 votes Thank Flag Link Thu Dec 22, 2011
Have you called the lender to discuss the situation? Work out a payment plan?
1 vote Thank Flag Link Thu Dec 22, 2011
I just got off the phone with a agent and I have an appointment with a counselor early next month. Thank you all for your help it is greatly appreciated.
0 votes Thank Flag Link Thu Dec 22, 2011
It appears that you are already trying to work with your lender which is the 1st step. Definitely go to one of the non-profit housing counselors that are available in Philadelphia. They will help you stop foreclosure so that you have time see if you can work something out with the lender. One was already suggested. Another possibility is the Philadelphia Unemployment Project. Their housing counselors specifically work with people who have been unemployed. Their website is
0 votes Thank Flag Link Thu Dec 22, 2011
First, congratulations on finding a new full-time job. That's the start to fixing this. It sounds like you're doing all the right things to try and fix the problem. Hopefully the bank will relent and allow you to keep your home. Goodness knows they have enough foreclosures on their hands already.
0 votes Thank Flag Link Thu Dec 22, 2011
I lost my job twice. I have found another full time position and I am able to afford my payments now I am just having a hard time trying to get $4500 to bring my loan current. They have given me options like a Deed in Lieu, Short Sale or filing for BK. I work in the industry so I know the process of foreclosure. My credit is not good so I have not tried to re-finance or apply for a small persoanl loan. I have contacted my mtg company and the attorney office. I am waiting for more paper work at this time.
0 votes Thank Flag Link Thu Dec 22, 2011
Remember, one thing you haven't mentioned is why you weren't able to make your payments. If you're unemployed, it will be much more difficult to convince the bank to delay or end foreclosure proceedings. On the other hand, if you had more temporary problems - say a one time, large medical bill which prevented you from making payments on time, they may be more flexible.

I hope 2012 brings you brighter days.
0 votes Thank Flag Link Thu Dec 22, 2011
Hello Rememberwhen, Unfortunately there are 2 options:
Negotiate with your lender or Sell your property. The third option is foreclosure which is not what you want.

If you want to discuss your situation in more detail please call me 267 738 0886 or email me

Alexander Shulzhenko
Realty Mark Cityscape
Web Reference:
0 votes Thank Flag Link Thu Dec 22, 2011
Contact your mortgage company and let them know you want to work with them and you would like to repay them and stay in your house. This is not easy and it will take many long phone calls and paperwork on your end. It will be worth it for you in the long run to do what is needed on your end. You will need to be patient, good luck.
0 votes Thank Flag Link Thu Dec 22, 2011
Depending on yu and your lender, you may be able to work out a plan:
They may agree to piggy-back your deficiency on to the next 24 payments; adding $187 to each payment.
Or, they may move the $4500 to the back-end of the loan.
But you have to work it out with them.
Call their Loan Mitigation Department

Have a Merry Christmas
0 votes Thank Flag Link Thu Dec 22, 2011
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