When a homeowner in Pennsylvania falls behind on his or her mortgage, the lender may seek to remedy the situation by initiating foreclosure proceedings. Unless the homeowner takes immediate and strategic action, such as filing Chapter 13 bankruptcy, he or she is at serious risk of losing the property forever. In this article, the Philadelphia mortgage foreclosure defense attorneys of Sadek and Cooper examine Pennsylvania foreclosure statistics by county to reveal where homeowners are most at risk. If you are worried about the possibility of your home being foreclosed on, we urge you to contact our law offices immediately for a free consultation. We may be able to help you retain your property and avoid having to move.
2017 PA Home Foreclosure Statistics by County
Home foreclosures are quite common in the United States. According to the Federal Deposit Insurance Corporation (FDIC), “1 out of every 200 homes will be foreclosed upon” in an average year. Just how many people does that affect? According to the same FDIC statistics, “Every three months, 250,000 new families enter into foreclosure.” That figure translates to approximately 2,777 families every day, and about 1 million families every year.
Some parts of the country have a higher concentration of foreclosures than others. For example, a recent report by USA Today and ATTOM Data Solutions, which analyzed nearly 81,500 properties during May 2017, found that New Jersey had the country’s highest rate of foreclosure at one out of every 515 housing units, followed by Delaware, Maryland, Illinois, and Oklahoma. (Note that the USA Today survey assessed all “housing units,” while the FDIC assessed only “homes,” accounting for the gap between data sets.)
While Pennsylvania didn’t make an appearance on USA Today’s top 10, it would still be inaccurate to call foreclosures “rare” in the Keystone State. On the contrary, some counties in Pennsylvania report foreclosure rates as high as one in every 849 housing units – not far from the rate observed in New Jersey.
The question is, which counties were they?
According to data compiled by RealtyTrac – whose parent company, ATTOM Data Solutions, also supplied the foreclosure data for the USA Today report – the top five Pennsylvania counties with the highest foreclosure rates in 2017 were:
- Delaware County, PA
- Foreclosure Rate – 1 in 849 housing units
- Largest Cities – Chester, Drexel Hill, Ardmore, Yeadon, Broomall
- Philadelphia County, PA
- Foreclosure Rate – 1 in 988 housing units
- Berks County, PA
- Foreclosure Rate – 1 in 1,083 housing units
- Largest Cities – Reading, Wyomissing, Blandon, Shillington, Birdsboro
- Lebanon County, PA
- Foreclosure Rate – 1 in 1,135 housing units
- Largest Cities – Lebanon, Palmyra, Annville, Cornwall, Campbelltown
- Luzerne County, PA
- Foreclosure Rate – 1 in 1,159 housing units
- Largest Cities – Wilkes-Barre, Hazleton, Kingston, Hanover Township, Nanticoke
In general, the data shows higher foreclosure rates in the eastern part of the state, with the lowest rates of foreclosure in Central Pennsylvania, and moderate rates in the western counties. The following foreclosure rates were reported for other counties in the Delaware Valley region:
- Lancaster County, PA
- Foreclosure Rate – 1 in 1,498 housing units
- Largest Cities – Lancaster, Ephrata, Elizabethtown, Columbia, Lititz
- Lehigh County, PA
- Foreclosure Rate – 1 in 1,719 housing units
- Largest Cities – Allentown, Bethlehem, Emmaus, Ancient Oaks, Catasauqua
- Bucks County, PA
- Foreclosure Rate – 1 in 1,768 housing units
- Largest Cities – Levittown, Croydon, Bristol, Quakertown, Morrisville
- Montgomery County, PA
- Foreclosure Rate – 1 in 2,088 housing units
- Largest Cities – Norristown, Pottstown, King of Prussia, Lansdale, Willow Grove
- Chester County, PA
- Foreclosure Rate – 1 in 4,597 housing units
- Largest Cities – West Chester, Phoenixville, Coatesville, Downingtown, Lionville
If you live in the Delaware Valley area and are concerned about losing your home to foreclosure, Sadek and Cooper can advise you of your options. Whether you need assistance from Chapter 13 attorneys in Delaware County, Chapter 13 attorneys in Bucks County, or Chapter 13 attorneys in Montgomery County, our experienced legal team is available to help.
Philadelphia Mortgage Defense Lawyers Can Help Stop Foreclosure with Chapter 13 Bankruptcy
Chapter 13 bankruptcy, which is sometimes called “reorganization” bankruptcy or a “wage earner’s plan,” allows eligible filers to prevent home foreclosure. If you file Chapter 13 in Pennsylvania, you will be given time to catch up on missed mortgage payments. As long as you comply with your reorganization plan and continue making complete and timely payments, you can keep your property and remain in your home with your family.
In addition to preventing foreclosure on your home, Chapter 13 can also prevent vehicle repossession, while reducing or erasing many of your debts. However, Chapter 13 is a complex legal procedure that should not be initiated without assistance from an experienced Philadelphia Chapter 13 bankruptcy attorney. To speak with a bankruptcy lawyer in Philadelphia about stopping foreclosure and wiping out your debts, call Sadek and Cooper Law Offices, LLC at (215) 995-2543 for a free bankruptcy consultation today.