Philadelphia Foreclosure Defense Attorney
It is too common for our office to receive a phone call from a homeowner the day of or before a real estate mortgage foreclosure sale or real estate tax sale inquiring whether they may save their home from auction. Generally speaking, the closer to the auction of real estate the less options are available to the homeowner. It is well settled that a Chapter 13 Bankruptcy by virtue of the automatic stay will stop the sale of real estate by way of auction from occurring, thereby saving the real estate from sale to a third party investor.
The automatic stay, imputed at the time of filing a Chapter 13 Bankruptcy under 11 U.S.C. 362(a)(2) reads:
“a petition filed under section 301, 302, or 303 of this title, operates as a stay… applicable to all entities, of the enforcement, against the debtor or against property of the estate, of a judgment obtained before the commencement of the case under this title…”
Although the filing of the Chapter 13 Plan stops the auction of the subject real estate, the Petitioner maintains the obligation to make timely and regular future monthly payments on the real estate and repay the mortgage or tax arrears over a three to five year period through the Proposed Chapter 13 Plan.
It is imperative to consult with a Philadelphia mortgage foreclosure defense lawyer early in the foreclosure process. As the foreclosure process proceeds, fees, costs, interest and arrearages continue to grow and therefore the amount of the monthly repayments under a Chapter 13 Plan grow as well.
Lastly, the earlier in the process an attorney is consulted, the greater the foreclosure defense options may be available to the homeowner. In addition to Chapter 13 Bankruptcy, Sadek and Cooper handles foreclosure defense strategies through litigation, short-sales and modification of mortgage.
To speak to an attorney regarding saving your home from foreclosure and the options available to you, please contact one of our offices listed below.
CENTER CITY PHILADELPHIA: 1315 Walnut Street, #302 Phila., PA 19107 215-545-0008
NORTHEAST PHILADELPHIA: 2375 Woodward Street, #105 Phila., PA 19115 215-545-0009
DELAWARE COUNTY OFFICE: 1515 Wallingford Road, #218, Springfield, PA 19064 610-432-3111
BUCKS COUNTY OFFICE: 1609 Woodbourne Road, Suite 203, Levittown, PA 19057 215-545-1055
NEW JERSEY OFFICE: 302 Washington Avenue, Suite 101 West, Moorestown, NJ 08057 215-545-0008