Admitting that one’s financial affairs have spiraled beyond one’s control is a difficult thing to do. It is often not so much that people are unconcerned about their debts and obligations but rather that it can be easier in the moment to sweep the problem under the rug, ignore it, and hope that it gets better. While it may be easier to ignore one’s deteriorating financial position, this approach generally results in a situation that becomes pressing or even dire.
It probably goes without saying that no one wants to be in debt and have to deal with the stressful collection calls and other burdens that flow from the unfulfilled obligations. Probably even fewer people are eager to dig into finances after difficult life events and relive what went wrong. However, a failure to remain cognizant of one’s finances and financial stressors can frequently spiral into a home mortgage foreclosure situation. Individuals who engage in the process early and proactively can frequently choose from the most potential options that will halt a mortgage foreclosure.
How Can I Tell if I’m Facing a Foreclosure in Pennsylvania?
At Sadek & Cooper, our lawyers frequently receive calls from concerned, responsible Pennsylvanians who are worried that they are facing foreclosure due to one or several missed mortgage payments. After missing one or more payments, a mortgage holder may send a “friendly” reminder that certain payments are outstanding. Receiving a notice simply stating that you have missed one or more mortgage payments does not necessarily mean you are in foreclosure, however, it is often the first time a homeowner will seriously consider whether a foreclosure is likely.
A homeowner can be certain that foreclosure proceedings are imminent when he or she receives a Notice of Intent to Foreclose or an Act 6 Notice. This notice must be provided at least 30 days prior to the date the lender intends to foreclose. To be legally sufficient, this notice must contain certain information including the fact that the homeowner has the right to cure the mortgage default. Furthermore and to fully satisfy foreclosure notice requirements, homeowners who will face foreclosure must also be provided with an Act 91 notice. In Philadelphia County, filing for a judgment for foreclosure is contingent upon the lender first arranging for a conciliation proceeding to occur.
Diligence and Timeliness Can Impact your Foreclosure Defense Options
Depending on the approach a homeowner takes to foreclosure, he or she may have different options. individuals who are proactive and address the situation before a Notice of Intent to Foreclose is sent frequently have more flexibility and options. For instance, homeowners who address their problems in the early-going may find that lenders are willing to negotiate a mortgage modification or a pre-foreclosure forbearance plan. Alternatively, negotiations with unsecured creditors may allow an individual to free up the financial resources he or she needs to catch-up on payments in arrears. Additionally, Pennsylvanians can also engage in a state court litigation strategy to defend against a mortgage foreclosure. However, this approach is generally more effective early in the process.
While homeowners have some flexibility to comport their approach to their own preferences in the early stages of a potential foreclosure, he or she should not delay once a Notice of Intent to Foreclose is received. Receipt of this notice means that the clock is ticking and, absent remedial action, your home will be sold at foreclosure. While an emergency Chapter 13 bankruptcy filing remains an option to protect your house from foreclosure, the window of time you have to take action is quickly closing.
Work with anExperienced Philadelphia Foreclosure Defense Lawyer
If you are concerned about a foreclosure, there is no time to seek advice like the present. Contacting a foreclosure defense attorney can help you understand the situation you face and whether it warrants the apprehension and anxiety you are experiencing. If so, our strategic attorneys can offer guidance regarding potential ways to stop a foreclosure and protect your home.
Stop worrying and start moving forward by discussing your foreclosure defense options. To schedule a confidential consultation with one of our Pennsylvania bankruptcy lawyers, please call Sadek & Cooper at 215-995-2543 today.