How Can I Stop a Home Foreclosure in Pennsylvania?

How Can I Stop a Home Foreclosure in Pennsylvania?

Home-ownership is part of the American dream and something that many people aspire to achieve. Once they do have a home, most people pour their heart and soul into it while creating years of memories. We understand that facing foreclosure is an extremely difficult situation, but we also encourage homeowners who are facing foreclosure to address the situation as early in the process as possible. Taking timely action will ensure that potential options are not foreclosed through the passage of time alone.

The mortgage foreclosure attorneys of Sadek & Cooper are proud to fight for homeowners and their families in Philadelphia, southeastern Pennsylvania, and in southern New Jersey. We can inform you of potential legal options to protect your home from a mortgage foreclosure. In this blog post, we will set forth some of the general legal strategies we may recommend based on the particular situation an individual faces.  However, every situation is different and can therefore only be assessed following a careful review of the matter. To schedule a confidential consultation with the foreclosure defense attorneys of Sadek & Cooper call 1-800-689-1649 today.

Mortgage Modification Can Be an Option Early in the Process

For individuals who have fallen behind on their mortgage but who have not yet entered into the foreclosure process, mortgage modification may be an option. Mortgage modifications must be crafted to meet the demands of the situation but potential modifications could include:

  • Interest rate reduction
  • Extended repayment term
  • Reallocation arrears, interest, and delinquent taxes to the principle

In other cases, a mortgage modification may occur as part of a Chapter 7 bankruptcy or Chapter 13 bankruptcy. For an experienced attorney, a mortgage modification negotiation is often a flexible tool to address a foreclosure or potential foreclosure situation.

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As an alternative to a mortgage modification, the lender may also consider a pre-foreclosure forbearance plan. If the lender agrees, a sale of the property is postponed in exchange for a promise of repayment over a short amount of time. When the lender is amenable to a pre-foreclosure forbearance plan, up to an additional six months to catch-up on arrearages is typically available. However, due to the relatively short repayment window and need to make both current and past payments, this option can be difficult to satisfy unless the individual has experienced a recent windfall or has otherwise been able to significantly increase income or decrease expenses.

Chapter 13 Bankruptcy to Stop a Mortgage Foreclosure

While people are generally more familiar with Chapter 7 bankruptcy, Chapter 13 is often a more effective option when facing a mortgage foreclosure. Typically, a person wishes to protect their home not only because of their sentimental attachment but also because of the equity that they have built. Protecting this equity or high relative income levels are two of the more common reasons why people file for Chapter 13 bankruptcy.

Individuals who file for Chapter 13 bankruptcy will, upon the court’s approval, enter into a three to five year repayment plan.  This three to five year plan can lower the Chapter 13 filer’s expenses by permitting the filer to repay credit card bills, medical expenses, and other debts not secured by property at a significant discount. The three to five year repayment plan also allows the filer to have more time to pay and catch up on mortgage arrears.

A Short Sale Can Mitigate the Impact of a Foreclosure

In some situations, the costs of saving the home may be prohibitive. However, you may still wish to mitigate the financial impact you face and avoid foreclosure.  In some situations, a short sale  — where a home is sold for less than the mortgage value – can be a, option to address the situation. That is, a person who agrees to sell their home for $175,000 on a $200,000 mortgage is attempting to engage in a short sale. However, all short sales are subject to the approval of the lender.

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Work with a Strategic Philadelphia Bankruptcy Lawyer to Stop Home Foreclosure

A Philadelphia bankruptcy attorney of Sadek & Cooper can fight for homeowners in Pennsylvania and New Jersey. To schedule a confidential legal consultation to discuss how you can stop foreclosure and save your home please call our firm at 215-545-0008 today.

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SEEWHAT OUR CLIENTS ARE SAYING

Doug Tinlin
Doug Tinlin
06:55 15 Feb 18
Brad Sadek gave me hope when he decided to handle my mortgage for enclosure defense. I had exactly 10 days left of the 30 days ultimatum given me, but he was able to bargain for an extra 30 days for me to pay up. That duration turned out just right.
Jacinth Jacinth
Jacinth Jacinth
16:07 31 Jan 18
Excellent service. Brad and Matt were outstanding and friendly. They helped me through this. I’ve never met attorneys like these. Thank you!
julie njoku
julie njoku
12:29 24 Jan 18
Brad Sadek is excellent!. He understands and he's fair. You feel like you have someone fighting for you. The staff is friendly, professional, and courteous. These guys are the best at what they do !
Owen Black
Owen Black
20:14 09 Jan 18
Thanks for the great service! I would recommend this firm highly. Throughout the years I have been helped by this firm greatly and very much appreciated.
Steven Rychalsky
Steven Rychalsky
15:30 09 Jan 18
Sadek and Cooper law office was a wonderful experience to work with. Bankruptcy is a difficult experience but they helped with the stress so much and made it easy. I would recommend Sadek and copper too anyone.
Chris Kourelias
Chris Kourelias
19:09 28 Dec 17
Working with both Brad & Matthew was a pleasure. Both gentlemen are extremely knowledgeable and helpful in providing me the right assistance needed to make the correct decision to benefit me in the long run. I would recommend both candidates to anyone looking for assistance with a reputable law firm.
Jennyfer Santana
Jennyfer Santana
21:17 21 Dec 17
Highly Recommended. Matt & Brad assisted with my case. I felt comfortable throughout the entire process. Matt was very understanding, patient, and ensured he answered all my questions! Both great guys and very friendly! It was a pleasure working with Matt and Brad.
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