Can you think of anything worse than losing your home to foreclosure? This may be the last thing you want to think about, but if you are faced with this situation you need to know what the future holds.
Believe it or not, there are many benefits of foreclosure in Philadelphia. This may not be something you want to do, but if you decide to move forward you definitely need to know how it will work in your favor.
1. Say goodbye to your monthly mortgage payment. When you lose your home you also lose your mortgage. If you are able to find a more affordable place to live, you can actually reduce your monthly housing expense.
Although foreclosure will have a negative impact on your credit score, it does not mean you will never again be able to purchase or rent a home.
2. Move on with the rest of your life. It may feel bad to lose your home to foreclosure, but it also puts you in position to start fresh. You are no longer tied down by your home, so you have the right to do what you want. Maybe you want to move to a neighboring community. Maybe you want to move to another state. The choice is yours.
3. Eliminate stress. It can be quite stressful to worry about what will happen to your home, day in and day out. Once the foreclosure process comes to an end, this is no longer something you have to deal with.
These three surprising benefits of foreclosure may be enough for you to decide that this is the right option for you and your home.
This is a big financial decision, so make sure you compare the pros and cons before you do anything. There are definite drawbacks of foreclosure, but don’t overlook the fact that there are some benefits as well.