Foreclosure Defense Lawyer in Delaware County, PA
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Foreclosure Help Delaware County, PA, Residents Trust
Struggling with debt can seriously impact the quality of your life, especially if you begin missing mortgage payments. If you’re looking for a foreclosure defense lawyer in Delaware County, look no further than the Sadek Bankruptcy Law Offices. Our team is known for providing high-quality legal services. We are dedicated to protecting home ownership in Delaware County and the surrounding areas. Allow our PA attorneys to assist you today! Schedule a free initial consultation by calling (215) 545-0008 or contacting us online.
Pennsylvania Foreclosure Laws and Timeline
Federal law strictly regulates the foreclosure process. Under 12 C.F.R. § 1024.41, lenders may not seek foreclosure until the borrower is 120 days delinquent on their mortgage.
Judicial Foreclosure Process in Delaware County
Prior to beginning the Pennsylvania judicial foreclosure process, lenders are required to send an Act 6 notice informing borrowers of the intent to foreclose. This allows borrowers 30 days to remedy the default loan. Notice requirements do not apply if the property has been abandoned. Lenders must also send an Act 91 notice, which informs the borrower of homeowners’ rights and how to apply for emergency mortgage assistance.
After the mortgage company files its complaint with the court, the company will send the borrower a summons and complaint. You must respond to the lawsuit within 20 days. Otherwise, the court may award the lender a default judgment that allows them to proceed with foreclosure. If the court rules in the lender’s favor, the property will go up for auction during the sheriff’s sale at a Delaware County courthouse.
How to Avoid Foreclosure in Delaware County: Common Foreclosure Defenses We Use
Our legal team can help you avoid foreclosure with effective mortgage foreclosure defense strategies in Pennsylvania. We carefully study the details of your case to figure out the strategies best suited to your situation. Standing challenges involve questioning the other party’s legal right to seek foreclosure. If they have no standing to foreclose, the foreclosure will not move forward. Title defects, such as errors, omissions, or mistakes in the deed recording, can also prevent foreclosure. Courts may halt foreclosure if the lender fails to provide proper notifications, misses the statute of limitations, or violates RESPA, TILA, or other federal and state regulations. Predatory lending practices can invalidate a loan. If lenders illegally proceed with foreclosure at the same time as reviewing loss mitigation applications, referred to as dual tracking, you may have grounds to stop foreclosure. Our PA foreclosure defense attorneys can also use payment disputes, accounting errors, and loan modification errors to halt proceedings.
How to Stop Foreclosure Fast in Delaware County, PA – Halting a Sheriff’s Sale
State and federal laws provide multiple means to stop Pennsylvania sheriffs’ sales. Depending on the circumstances of your case, you may qualify to file an emergency motion to postpone the sale. Our attorneys can take action to halt the sheriff’s sale if the lender did not properly serve the Act 6 and Act 91 notices. Other tools to stall or stop the sale include filing for bankruptcy or seeking a court-issued temporary restraining order.
Pennsylvania Homeowner’s Emergency Mortgage Assistance Program
If you’re facing foreclosure, you may qualify for assistance through the Pennsylvania Homeowner’s Emergency Mortgage Assistance Program (HEMAP). To receive this loan, you must currently live in the home and be experiencing financial hardship due to circumstances beyond your control. You cannot be more than 24 to 36 months or $60,000 delinquent on your mortgage. Furthermore, you must demonstrate a reasonable prospect of resuming full mortgage payments within 36 months.
Once you receive an ACT 91 notice, you have 33 days to meet face-to-face with an approved counseling agency. The counselor will help you gather documentation, complete your HEMAP application, and submit your application no later than 30 days after your meeting. The Pennsylvania Housing Finance Agency (PHFA) must make a decision regarding your case within 60 days of receiving your application.
Homeowners can receive either non-continuing or continuing loans through HEMAP. Non-continuing loans help homeowners get current so they can resume making monthly mortgage payments. Continuing loans make the loan current and provide assistance for up to 24-36 months of future mortgage payments. Recipients must pay a minimum of $25 per month towards their HEMAP loans. Payments can be higher depending on the recipient’s net monthly income.
Alternatives to Foreclosure in Pennsylvania
Whether you want to protect your real estate investment or pursue options that impact your credit less, our attorneys can help you consider foreclosure alternatives. We offer experienced legal guidance suited to your particular legal needs.
Loan Modification
Mortgage modification allows you to adjust the terms of your loan. Our attorneys can help you figure out which types of modification you qualify for and negotiate on your behalf with lenders. Lenders may agree to a lower interest rate or term extensions. Those who have a Fannie Mae or Freddie Mac mortgage can potentially qualify for the Home Affordable Modification Program (HAMP). If your home is worth less than what you owe, we may be able to seek a principal reduction. To learn more about mortgage modification and foreclosure defense in Pennsylvania, contact our legal team.
Forbearance Agreements
You may be able to avoid foreclosure through deferment or forbearance in PA. During deferment, loan obligations are suspected and interest does not continue to accrue. Forbearance is a temporary reduction or suspension of payments, during which interest continues to accrue. After your forbearance period, you can negotiate for a repayment plan or repay in one lump sum through a reinstatement. Alternatively, you may need to refinance, sell, terminate, or modify your loan depending on your circumstances.
Short Sale
During a real estate short sale in Pennsylvania, you can sell your home for less than you owe on your mortgage. However, you must first receive the bank’s approval. Qualifying for approval involves proving financial hardship and demonstrating that the property is unlikely to sell for the full mortgage value. You may still owe the lender after this process, especially if they pursue a deficiency judgment. Legal representation can negotiate with lenders to waive deficiencies. Short sales typically take 3 to 6 months to complete.
Deed in Lieu of Foreclosure
In Pennsylvania, deed in lieu of foreclosure agreements allow homeowners to transfer ownership of real estate to the lender. In return, the lender releases the borrower from all mortgage obligations, including the remaining mortgage balance. Both parties must voluntarily enter this agreement. During this process, you may be able to negotiate for relocation assistance. You can also ask the lender to provide a deficiency waiver, ensuring that you won’t be liable for the difference between what you owed and what the lender sells the property for.
Reverse Mortgage Foreclosure Defense
What are reverse mortgages in Pennsylvania? Also known as Home Equity Conversion Mortgages (HECMs), reverse mortgages are a type of loan that allows older homeowners to borrow against their home’s equity. Failure to pay property taxes, maintain the home, and keep up with homeowner’s insurance while under an HECM agreement can result in foreclosure. Surviving spouses, including non-borrowing spouses, can remain in the home after the borrower dies as long as they meet certain requirements. Heirs of properties subject to HECM may choose to repay the loan, refinance the home, or allow foreclosure.
Common Mortgage Servicer Violations in Pennsylvania
Mortgage lenders can be held responsible for illegal practices and improperly handling mortgage payments. Violations can interfere with their ability to seek foreclosure. Failure to apply your payments correctly, illegal dual tracking, mishandled escrow accounts, and over charging for force-placed insurance can affect foreclosure cases.
Deficiency Judgments After Foreclosure in Delaware County
If the lender successfully forecloses on your home but the property sells for less than the remaining mortgage balance, they may seek a deficiency judgment. This allows the lender to hold you liable for the deficiency amount. Lenders must file a deficiency judgment within 6 months after foreclosure. When lenders purchase the property at auction, state law limits deficiency amounts to the difference between the property’s fair market value (rather than sales price) and the total debt. Our attorneys explore options to defend against deficiency liability, including bankruptcy options.
Foreclosure Defense in Delaware County Through Bankruptcy Law
Consumer bankruptcy law provides protections against collection practices, including mortgage-related collections. Our attorneys can help you understand which bankruptcy stops foreclosure in Pennsylvania.
Chapter 7 and Foreclosure
The moment you file for bankruptcy, courts issue an automatic stay that temporarily halts all collections. Courts can eliminate qualifying debts under Chapter 7 bankruptcy after the debtor liquidates their non-exempt assets. If your home has already been foreclosed or was sold in a short sale, Chapter 7 may eliminate deficiency liability. Our Delaware County Chapter 7 bankruptcy lawyers will help you determine if Chapter 7 makes sense for your situation.
Chapter 13 and Foreclosure
U.S. Bankruptcy Code requires all collections to stop the moment you file Chapter 13, which can stop foreclosure at least temporarily. Under Chapter 13, debts are restructured into one repayment plan, which can give you time to catch up on mortgage arrears. Furthermore, Chapter 13 may allow you to eliminate junior liens, such as second or third mortgages, or “cramdown” the mortgage balance to match the property’s current market value. To learn more about how bankruptcy can benefit you, speak with our Delaware County Chapter 13 bankruptcy attorneys.
Avoiding Foreclosure Scams in Delaware County
If someone contacts you about foreclosure or delinquent mortgage payments, do not automatically trust what they say. They may be attempting to scam you out of money or property. Foreclosure rescue scams involve fraudsters who promise to pay off a homeowner’s delinquent mortgages. You may be contacted by fake modification companies. Some scammers attempt to strip your home’s equity through deceptive means.
Knowing how to spot a foreclosure scam is necessary to protect yourself. Remember, only your lender can modify your loan. Be wary of anyone asking for money up front. If the person contacting you claims to be part of a government program, check to make sure that the program is actually real and currently active. Limit communications about your mortgage to your mortgage company and lawyer.
Experienced Delaware County Foreclosure Defense and Other Law Office Locations
When facing foreclosure, don’t hesitate to contact the Sadek Delaware County bankruptcy law office. Our PA foreclosure defense lawyers represent clients in the following areas.
- Upper Darby foreclosure defense
- Haverford foreclosure defense
- Springfield foreclosure defense
- Radnor foreclosure defense
- Ridley foreclosure defense
- Marple foreclosure defense
- Aston foreclosure defense
- Broomall (Marple Township) foreclosure defense
- Newtown foreclosure defense
- Upper Chichester foreclosure defense
- Media foreclosure defense
- Chester foreclosure defense
- Lansdowne foreclosure defense
- Swarthmore foreclosure defense
- Clifton Heights foreclosure defense
- Glenolden foreclosure defense
- Folcroft foreclosure defense
- Sharon Hill foreclosure defenseDarby foreclosure defense
- Yeadon foreclosure defense
- Prospect Park foreclosure defense
- Marcus Hook foreclosure defense
- Trainer foreclosure defense
- Aldan foreclosure defense
- Morton foreclosure defense
- Drexel Hill foreclosure defense
Philadelphia County
Montgomery County
Chester County
- Chester County bankruptcy and foreclosure defense
Bucks County
Why You Need an Experienced Foreclosure Lawyer in Delaware County, Pennsylvania
Too much is at stake when facing foreclosure to handle matters on your own. Mistakes could mean losing your home. Alternatively, you may seek foreclosure solutions that cost you more than necessary. By working with a PA foreclosure defense lawyer, you benefit from their legal experience and knowledge.
At the Sadek Bankruptcy Law Offices, we explain all of your legal options and provide personalized advice according to your financial situation. Our guidance allows you to make informed decisions about your finances and your future. We work diligently on your behalf to obtain a favorable outcome and protect your home.
Contact a Foreclosure Defense in Delaware County, PA, For a Free Consultation
The Sadek Bankruptcy Law Offices is dedicated to helping individuals, families, and businesses facing financial hardship. You don’t have to find the answers to debt relief on your own. Allow our skilled attorneys to help. We’re prepared to fight on your behalf to protect your assets, your home, and your future. Contact our law firm today to schedule your free consultation. You can reach us by phone at (215) 545-0008 or by using our online contact form.
Work with Our Dedicated and Experienced Bankruptcy Lawyers
Sadek Bankruptcy Law Offices, LLC has a dedicated team of lawyers who help clients achieve the benefits of bankruptcy in Pennsylvania and New Jersey. Our lawyers have over 75 years of combined experience and have filed more than 5,000 successful bankruptcy cases.