3 Things You Can Do If You Can’t Make Your Mortgage Payments in Reading

Sell My House Fast Reading PA

If you are experiencing financial difficulties that are out of your control and foreclosure is a possibility, it is important not to ignore the situation. Foreclosure can have lasting negative effects on your finances and emotions. However, there are three steps you can take to avoid foreclosure if you can’t make your mortgage payments in Reading.

Turn Your House Into a Rental

If you’re struggling to make mortgage payments in Reading and your property is in poor condition, one option is to rent it out to cover the payments. However, keep in mind that you may need to move to a location with lower expenses, which may not be as attractive as your current home. As the landlord, it’s important to note that you’ll still have to handle maintenance and repairs, which means you’ll need to factor that into the rental fee while staying competitive with the rates of similar rentals in Reading. Additionally, there’s no guarantee when you’ll find a suitable tenant to rent the home. Renting a new place and managing the associated costs while still paying for your current residence can be a highly stressful experience, especially when facing time and financial constraints. 

Work With the Lender

If you are struggling to make mortgage payments in Reading, consider collaborating with your lender to develop a refinancing plan that works for both of you. It is essential to advocate for yourself and convince your lender that you are committed to fulfilling your financial obligations. If you find that your current budget cannot accommodate your mortgage payments, speak to your lender and communicate your new financial limits. If you take the initiative to discuss with your lender, they can assist you in determining if refinancing is feasible based on your current financial status. Alternatively, you may want to consider proposing a short sale to your lender. Keep in mind, however, that opting for a short sale could potentially result in you owing the difference between the selling price of your home and the remaining balance on your mortgage, also known as a deficiency judgment. If the lender is unable to come to an agreement with you due to your circumstances, there are other federal government programs that you may want to consider. However, to qualify for these programs, you will need to meet certain criteria.


If you’re struggling to make mortgage payments in Reading, selling your property on your own is an alternative to short sale. You have two options: listing your home with an agent or selling it as for sale by owner (FSBO). However, there are three main issues with these options when facing foreclosure. Firstly, there’s no guarantee on the timeline for the sale. Secondly, there’s no promise that your home will sell in either market. Lastly, it’s important to consider the expenses when selling your home. Whether you choose to list with an agent or as an FSBO, you will need to have funds to cover associated costs such as repairs, inspections, appraisals, and marketing expenses. If your home is not brand new, there may be additional expenses for unknown issues that are discovered during the inspection. If you decide to work with a real estate agent, be prepared to pay their high commission and traditional associated fees. It’s important to stay in communication with your lender and inform them of your action plan. Keeping them updated on your progress is crucial for a successful partnership. They will likely want you to take quick and efficient actions towards a resolution. Remember, good communication is key to any relationship. If you want to save time and money, you should think about directly selling your property. Typically, this type of sale is done “as is”.If you are struggling to make mortgage payments in Reading, you can sell your home directly to Awakened Homebuyers to avoid the costs and hassles of listing it. We can help you resolve your financial strain quickly and guarantee a sale. Contact us today by sending a message or calling 717-690-1055 to learn more.

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