Losing one’s home is a worst-case scenario but, for many families, it can quickly become a reality when mortgage payments are unmet and finances spiral out of control due to COVID-19. While the staling of foreclosures was a welcome relief to some homeowners who needed the extra time to get their financial footing, others found that the pandemic only got them farther behind.
How This Affects Bucks County
Bucks County was one of the many areas across the country that had to postpone their sheriff sales on foreclosed homes. During the course of the COVID19 shutdown, individuals who would have otherwise lost their homes were able to maintain ownership for additional months. While many individuals are happy to see the nation opening back up, along with it comes the return of sheriff sales. Bucks County is the first county in the Greater Philadelphia area to begin sheriff sales again. This will result in many homeowners losing their houses and finding themselves homeless. As of today (June 8th), sheriff sales in Bucks County are set to begin on June 12th.
Sheriff Sales Of Foreclosed Property
Sheriff sales are a form of public auction where homeowners lose their place of residence. At these auctions, properties that are being foreclosed are put up for auction. The highest bidder gets the property and ownership; meanwhile, the original owner has to give up their home and leave. All money gathered from the sale goes directly to pay the mortgage and the bank. This can be devastating both financially and emotionally to homeowners who lose everything and have no funds to start over somewhere else.
What This Means If You Live In Bucks County
If you are in danger of losing your home due to lack of payment, the start of sheriff sales can have serious consequences for your family. If your home is put in a sheriff sale, you will lose not only the place where you live but you will also be left homeless with poor credit and no money to look for another place to live
How To Stop A Sheriff Sale
If your home is about to end up in a sheriff sale, you still have time to take action! By filing either a legal petition to stay or a Chapter 13 bankruptcy before the sheriff sale date, you can continue to live in your home and it cannot be added to the sheriff sale. While no one wants to file bankruptcy, this can be the difference between recovering financial and losing everything.
If you live in Bucks County and realize that you are in danger of losing your home, it’s time to talk to our team! We can help you to understand if you’re a candidate for bankruptcy and then file the necessary paperwork to keep you in your home. You worked hard to get where you are – don’t let financial problems tear everything away from you. Contact us today!
The attorneys at Sadek and Cooper Law Offices have handled thousands of Bankruptcy cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008.