Media, PA Mortgage Foreclosure Defense Lawyer

The thought of losing your home through foreclosure will undoubtedly create stress for you. After getting informed of mortgage foreclosure, there are certain steps you can take to stop the process and keep your house.

Stopping mortgage foreclosure in Media is crucial, as failing to do so could cause homeowners to lose their primary residences and face other financial difficulties. Homeowners can stop mortgage foreclosure by litigating the process in court. Typically, homeowners will enter into mediation before bringing their case in front of a judge. There are viable defenses usable in mortgage foreclosure cases that can stop the repossession of a homeowner’s property. As an alternative option, homeowners can file for bankruptcy, preferably Chapter 13, and begin meeting mortgage payments according to a structured repayment plan.

Call our Media, PA mortgage foreclosure defense lawyers at (215) 701-6519 to get a free review of your case from Young, Marr, Mallis & Associates today.

Reasons to Stop Mortgage Foreclosure in Media, PA

Immediately after getting notice of imminent mortgage foreclosure in Media, homeowners should act. Waiting too long to respond to the foreclosure complaint might result in the loss of your home.

Homeowners in Media should not ignore mortgage foreclosure. If you fail to take the necessary steps and follow the proper procedure to halt mortgage foreclosure, you risk losing your property. When foreclosure is not paused, whether through foreclosure court proceedings or bankruptcy, the lender might repossess your property, and a sheriff’s sale might take place

It can be difficult to stop mortgage foreclosure once a lender has additional leverage, which might occur if you fail to respond to the initial foreclosure complaint. Our mortgage foreclosure defense lawyers can explain the various options available to you, such as filing for bankruptcy or going to court and exposing predatory lending practices, so you can retain your property despite being behind on mortgage payments in Media.

Going to Court to Stop Mortgage Foreclosure in Media, PA

You can go to court if you receive word that your property will enter into foreclosure lest you fight against it. Typically, a judge will order all parties to enter into mediation in the hope that the matter will be resolved. If mediation does not work, there are certain defenses homeowners can use to stop mortgage foreclosure and keep their property in Media.

Mediation

In most instances, the judge overseeing your case will require you to enter mediation to discuss ways to stop a mortgage foreclosure while keeping all parties happy. During this time, the lender might agree to alter the previous terms of your mortgage agreement and possibly refinance your loan so that you can meet payments without losing your property. Unfortunately, homeowners with considerable debt might be less likely to reach a satisfactory agreement with lenders in Media, as lenders might settle for nothing less than total payment. When you enter into mediation for a mortgage foreclosure case, an automatic stay will take effect, meaning you will not have to make mortgage payments for the duration of mediation.

Defenses

If mortgage foreclosure mediation does not succeed in Media, homeowners might then have to engage in court proceedings overseen by a judge. During this time, our attorneys can present a defense that allows you to retain your home. Suppose the lender engaged in predatory practices when providing you with a loan. An example of predatory lending practices is when lenders knowingly approving a loan inconsistent with a person’s financial ability. If that applies to your case, you might be able to stop mortgage foreclosure.

Other viable defenses include proving that a lender violated federal or state lending laws or the crucial steps of the mortgage foreclosure process. If the judge rules in your favor and agrees that a lender violated the law or was predatory in its lending practices, your responsibility to settle debts will not be necessarily be erased. However, you will be able to keep your home and may be able to make mortgage payments according to a lower interest rate.

Stopping Mortgage Foreclosure in Media, PA, by Filing for Bankruptcy

When homeowners in Media are unwilling to go to court to stop mortgage foreclosure or have other debt that is hindering their ability to meet mortgage payments, entering into bankruptcy may be a viable solution in Media.

When you declare bankruptcy in Media, an automatic stay will take effect, similar to what will happen when you enter into mediation for mortgage foreclosure. This automatic stay allows you to take stock of your finances and avoid harassing communication from lenders in Media.

The type of bankruptcy homeowners in Media can file for will be based on their financial standings. Chapter 7 bankruptcy, which is for debtors with insufficient income to support a repayment plan, will require liquidation of certain assets. While primary residences are not protected from liquidation with state exemptions in Pennsylvania, homeowners can use federal exemptions that protect their property.

With Chapter 13, homeowners do not have to be concerned about losing their homes as liquidation of assets is not part of the process. Instead, homeowners can create a repayment plan, based on their ability and the size of their debt, that allows them to repay mortgage lenders under a fixed interest rate. Other secured debts can also be repaid to creditors using a repayment plan during Chapter 13 bankruptcy in Media.

Filing for bankruptcy is not solely for homeowners with additional debt outside of outstanding mortgage payments. If your only debt is related to your residence, you might be able to exit bankruptcy sooner in Media. Depending on the type of bankruptcy you file for, the entire process might take a matter of months or years.

Fight Mortgage Foreclosure in Media, PA Today

Contact our mortgage foreclosure defense lawyers by calling (215) 701-6519 to get a complimentary evaluation of your case from Young, Marr, Mallis & Associates today.