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Langhorne, PA Mortgage Foreclosure Defense Lawyer

Falling behind on your mortgage payments is usually not a big deal if you can catch up. For those who have trouble making payments over a longer period, foreclosure is a serious possibility.

Foreclosures often occur after a certain period of failing to make mortgage payments, and they usually take place over a specific period of time. Various documents are required in this process, including paperwork about your mortgage, a notice of foreclosure, and various legal forms. An attorney can help you work to avoid foreclosure by taking the case to court, altering the mortgage, or filing for bankruptcy. The best course of action depends on your unique circumstances. If you cannot avoid foreclosure, an attorney can help you figure out what comes next, as there might still be costs and payments you are responsible for.

Speak to our mortgage defense lawyers at Young, Marr, Mallis & Associates by calling (215) 701-6519 and discuss your situation in a free case review.

How and Why a Foreclosure Occurs in Langhorne, PA?

If you miss too many payments on your home or another mortgaged property, the lender could initiate foreclosure actions to seize the property. For many, this means losing their home and starting over in dire financial straits. Our mortgage foreclosure defense attorneys can assist you in avoiding foreclosure so you can hopefully keep your house.

Many foreclosures occur because of nonpayment. Missing just one payment is likely insufficient to trigger foreclosure proceedings. In many cases, borrowers are several months behind on payments before the bank forecloses on the house. If you are behind on your mortgage payments and worried about catching up, our legal team can help you explore your options and try to work with the bank to avoid foreclosure.

Foreclosure does not happen all at once. Generally, borrowers are notified by the bank before the foreclosure and given time to catch up on payments or make other arrangements. As discussed in more detail below, this notice is a crucial part of the process, and you must be properly notified well before the foreclosure process kicks off.

How to Fight a Foreclosure on Your Mortgage in Langhorne, PA

In many cases, borrowers can fight foreclosure and hang on to their homes and properties while they make financial arrangements to pay off their debts. Our mortgage foreclosure defense attorneys can work with you to determine how best to avoid foreclosure.

Litigating the Foreclosure with an Attorney

In some cases, foreclosure is premature or otherwise invalid or unlawful. It might be necessary to have an attorney help you litigate the matter in court. This can be time-consuming, but it could be worth it if foreclosure on your home is unlawful.

One example of an unlawful or invalid foreclosure is if foreclosure proceedings are premature. Under federal law, borrowers must be behind on payments for more than 120 days before the lender can foreclose. In some cases, mortgage agreements provide additional time. If the bank is trying to foreclose on your house too soon, our mortgage foreclosure defense lawyers can work to stop them.

Changing the Terms of the Mortgage

In some cases, it might be possible to work with the lender to alter the terms of your mortgage agreement. While many lenders are hesitant to alter the original agreement, they might be amenable if it helps you get back on your feet and they get paid the money they are owed.

Terms that might be changed to help you include interest rates, payment requirements, loan structures, and more. Remember, altering these terms is not like refinancing. You are not creating a new mortgage agreement.

Bankruptcy Options

Although many borrowers are hesitant to do so, filing for bankruptcy might be a viable option in your case. Bankruptcy is a federal matter, and there are several chapters you might file under to deal with your debts.

Chapter 7 bankruptcy is common, but it might not be the best way to hang on to your home. Under chapter 7, people may liquidate various assets to pay back their debts while others are discharged. Unfortunately, this means you risk losing your home, which is not ideal.

Chapter 13 bankruptcy is also common and might be a better way to keep your home and avoid foreclosure. Under chapter 13, your debts and finances are reorganized rather than liquidated, and you can initiate a payment plan you and the lender agree upon to pay off your mortgage. As a result, you can keep your home while paying off your debts.

Documents Important in the Foreclosure Process in Langhorne, PA

Foreclosures are formal legal proceedings that hinge on proper documentation. In a way, foreclosures follow a giant paper trail from you to the lender. If any paperwork is missing or was never filed, sent, or submitted, our mortgage foreclosure defense lawyers might be able to stop or at least slow down foreclosure proceedings.

Perhaps the most important document involved in foreclosures is the mortgage agreement. The agreement is a contract between you and the lender, usually the bank, and should contain all the terms and conditions related to the mortgage. These terms and conditions often spell out issues regarding payment and foreclosure. While many terms are somewhat standard across many mortgages, certain terms might be uniquely tailored to your agreement and situation.

Once the foreclosure process starts, additional documents come into play. These documents include the formal notice from the lender and your answer to the notice. The notice, sometimes called an Act 6 notice, must be served at least 30 days before the lender wants to foreclose. An Act 91 notice might be sent instead, which has the same effect as an Act 6 notice but includes information about the Homeowner’s Emergency Mortgage Assistance Program.

Your answer is also incredibly important and may affect when and how foreclosure proceedings start. In your answer, you can offer to make arrangements with the lender to avoid foreclosure, like getting on a payment plan. Our mortgage foreclosure defense attorneys can help you answer the notice to protect your interests.