Lancaster, PA asked in Foreclosure for Pennsylvania

Q: my house is go to be forclosed on and i have two hips that need replaced and can hardly walk .

my son makes enough money to get us a place was wondering if he could do that with my not so good credit history .

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1 Lawyer Answer
W. J. Winterstein Jr.
W. J. Winterstein Jr.
PREMIUM
Answered
  • Foreclosure Defense Lawyer
  • Boyertown, PA
  • Licensed in Pennsylvania

A: From the reports I've seen recently, although interest rates are near record lows, the banks and other mortgage funding sources have been tightening credit, raising the minimum credit scores needed to qualify for a mortgage loan.

Probably, from what you say, your credit score is below what will be needed to qualify for a loan. If your son's credit score is higher., have him apply for a mortgage loan in his name alone.

Shop around for mortgage loans, as rates and qualification requirements vary.

Governor Wolf has issued executive orders forestalling foreclosures and evictions. It may be possible to get financial help through a Pennsylvania agency created for that purpose to save your existing home. Even if you are willing to let your home go, you may still be able to negotiate an agreement with your lender. I have done more than one such arrangement where the lender pays you some amount of money for an agreed foreclosure decree, and a set date for you to move out. The advantage for the creditor is that it saves several thousands of dollars in attorneys fees and costs for bringing a foreclosure case and wading through it to a foreclosure judgment and sheriff's sale.

If you have not yet been served with a foreclosure complaint, you have several legal options available. And that's true even if you have been served with a complaint, although you have fewer options.

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