Montgomery County, Pennsylvania Foreclosure Defense Lawyers
The foreclosure lawyers at Sadek and Cooper continue to help residents throughout Montgomery County, Pennsylvania save their homes from foreclosure. We understand that the concept of losing ones home can be overwhelming and the foreclosure process can also be confusing. Our law firm has helped thousands of homeowners restructure their mortgages and other debts to allow homeowners and their families remain in their homes through the most difficult of financial times.
Although Montgomery County has a lower foreclosure rate than the Pennsylvania average, the towns of Elkins Park, Ardmore, Abington, Jenkintown, Lansdale, Gilbertsville, Hatfield and Perkiomenville have the highest rates of foreclosures in the County.
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How Does a Montgomery County Lawyer Fight Foreclosure?
The first step in the foreclosure process is the lender sending an Act 91 Notice. The Act 91 serves as a notice of intent on behalf of the mortgagee to proceed and file an official Foreclosure Complaint with the Montgomery County Court of Common Pleas after 30 days. The Act 91 notice serves as a warning to homeowner’s who are seeking relief to stop a foreclosure before litigation commences.
The second step in the foreclosure process may commence 30 days after an Act 91 Notice is received and is the filing and service of a formal Complaint in Mortgage Foreclosure. The Complaint is filed by the attorney for the Mortgage Company and includes allegations of mortgage default and requests a judgment in favor of the Mortgage Company to proceed to foreclosure sale.
If a meritorious defense to the Complaint is not raised, the home will be listed for sheriff’s sale. The scheduled sheriff’s sale must be listed three times in a local paper once a week for three consecutive weeks leading up to the sale. Further, under 231 Pa. Code Section 3129.2 the property itself must be posted with a Handbill and Notice of Sale must be served on the residence at least 30 days before the sheriff’s sale.
The above foreclosure process generally takes five months and begins once a homeowner is more than four months delinquent on their mortgage. Accordingly, a homeowner has about 9 months or three quarters of a year to act and save their home from foreclosure. The sooner a homeowner takes action to defend their home, the more foreclosure defense strategies are available to them.
There are several ways that a homeowner may defend a foreclosure. A foreclosure defense strategy depends on the financial homeowners situation, amount of default and which stage of the foreclosure process they are in.
Foreclosure Defense Options
1. State Court Defense. Often times a homeowner has made payments that were misapplied or has made an agreement with the mortgagee to cure the default and a foreclosure complaint subsequently proceeds. In these examples a meritorious defense filed in State Court to the foreclosure in effort to quash the foreclosure would be a viable foreclosure strategy.
2. Mortgage Workout Plan. A workout agreement with the mortgagee can include a pre-foreclosure forbearance plan to cure the default or a mortgage modification which would alter the terms of the mortgage to include the mortgage default in the principal balance. A mortgage modification generally involves an extension of the mortgage term and a decrease in mortgage interest rate to keep the monthly mortgage payment affordable to the homeowner.
3. Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is most helpful if other debts, such as credit cards, personal loans and medical bills exists. The filing of a Chapter 13 Bankruptcy automatically stops the foreclosure process and allows a homeowner to reorganize their finances. Said reorganization generally results in lower monthly expenses to unsecured debts (credit cards, personal loans, etc.) and reallocated financial resources toward saving the home. Chapter 13 is a proven foreclosure defense and debt relief strategy.
If you are struggling with the prospect of losing your home or behind on mortgage payments, call the Montgomery County lawyers at Sadek and Cooper at 610-951-4655 for a free and confidential initial consultation. We look forward to helping you!
Why Hire a Montgomery County Foreclosure Lawyer?
Our office offers flexible appointment times and our phones are answered 24/7 so we are available when you need us most.
To schedule a free and confidential appointment time with a Montgomery County, Pennsylvania foreclosure defense lawyer, please call Sadek and Cooper at 610-951-4655. Thank you for visiting our website and we look forward to helping you.