Philadelphia Foreclosure Lawyer
The real estate market throughout Pennsylvania has suffered tremendously since the Great Recession began in 2008. The result of this market turmoil is real people losing their homes. With Foreclosures and short-sales astonishingly accounting for over forty percent of all home sales in Pennsylvania, this means that nearly half of homes sold in the Commonwealth are sold under distress.
The threat of foreclosure causes financial, emotional, and practical anxiety for those subject to potential foreclosure action. Do not allow yourself to be overwhelmed by this burden. Hiring a knowledgeable foreclosure attorney can go a long way to relieving your anxieties and potentially finding a resolution other than foreclosure.
Investigating Your Home and Finances
Upon retaining counsel, the first step is to assess your present situation. Your attorney will confirm that a Foreclosure action has been filed, determine how far in arrears you are, determine the value of your home, note the equity you have accumulated, and assess your general financial ability to retain the home.
Preparing a Foreclosure Defense
Once your attorney has confirmed that a Foreclosure action against you has commenced, the attorney will begin to prepare a defense by analyzing your closing documents – including the note, the mortgage, the settlement statement, the truth in lending disclosure, as well as the loan application.
Next, your attorney will research the propriety of the process in order to identify possible defenses. Your attorney will request a payments history from the servicer to ensure correct application to the mortgage and escrow. Also, your attorney will analyze the circumstances around the origination of the loan, including whether the lender employed predatory lending practices. Additionally, your attorney will investigate as to possibility the servicer failed to observe procedural requirements in the prosecution of your foreclosure. Above all, the lender must have complied with Pennsylvania’s noticing requirement, including properly advertising the Foreclosure action. Any deviations or failures in this process will help your attorney to mount a defense.
Once your attorney has gathered and analyzed all the information, they will be in a good position to give you sound advice on how to proceed. At this juncture it would be appropriate to schedule the compulsory conciliation conference wherein the homeowner and the bank must meet and discuss the situation. Only after these steps have been taken can you and your attorney make a determination as to the best course of action for your particular matter.
The first alternative to Foreclosure that should be discussed is the possibility of modifying your loan. Loan modification is a long and complex task that requires tenacious and persistent representation. Banks are not incentivized to grant modifications, but with the proper representation, you may be able to modify the terms of your current loan so that you are able to afford your mortgage again.
However, in the event that your bank refuses to discuss modification or you do not have a source of income by which to pay the original or hypothetically renegotiated loan, you do have other options, such as short-sales and deeds in lieu. These options are essentially ways in which to surrender the house to the bank without incurring the damage of foreclosure on your credit report.
Foreclosure Lawyer Philadelphia
Moreover, your attorney should have bankruptcy specialists who can explain your options in Chapter 7 or Chapter 13. Upon filing Bankruptcy, an automatic stay prevents any Sheriff’s sale from proceeding, and it is useful for individuals who have waited until the very last minute. Additionally, bankruptcy forces the lender to accept a payment plan for its arrears, and may help you avoid foreclosure.
Why Do I Need a Lawyer?
Experienced attorneys can guide you through the complex process of defending your Foreclosure lawsuit and avoiding financial, emotional, and practical ruin. Losing your home will impact every facet of your life and you owe it to yourself to do everything within your power to prevent such an outcome. An aggressive foreclosure attorney can help you to secure the best outcome possible and regain control over your life and your home.
This content was written on behalf of Greg Prosmushkin.