Fairless Hills, PA Mortgage Foreclosure Defense Lawyer

Mortgage foreclosure is every homeowner’s worst nightmare. If your lender is threatening foreclosure in Fairless Hills, there are a few things you can do to stop it.

Your house will not be foreclosed upon before you receive fair notice of your lender’s intent to foreclose in Fairless Hills. Lenders can file foreclosure petitions with the court 30 days after sending a notice of intent. Foreclosure judges often require all parties to engage in mediation. This can allow our attorneys to negotiate with your lenders so that you can avoid having to go to court. If going to court is necessary, we can defend your case. Ignoring a notice of intent from a lender can result in an uncontested foreclosure. If foreclosure is imminent, bankruptcy can help you stop it.

To discuss your case for free with the Fairless Hills, PA mortgage foreclosure defense lawyers at Young, Marr, Mallis & Associates, call us today at (215) 701-6519.

Steps in the Mortgage Foreclosure Process in Fairless Hills, PA

All mortgage foreclosures go through the courts in Pennsylvania. This largely benefits homeowners, as it allows them to defend a mortgage foreclosure lawsuit and possibly retain ownership of their property.

Intent to Foreclose Letter

Mortgage foreclosure will begin with lenders sending intent to foreclose letters to homeowners in Fairless Hills. If you receive such a letter, do not hesitate to contact our mortgage foreclosure defense lawyers right away. Lenders are only required to give homeowners a 30-day notice of an impending mortgage foreclosure petition. This gives you little time to prepare your case. Banks can file petitions for foreclosure after 120 days of delinquency. So, if you fell behind on your payments for just a few months, you may be at risk of foreclosure in Fairless Hills.

Mediation

Most judges assigned to mortgage foreclosure cases will require all parties to enter into mediation. A conciliation conference will likely be held at this time. During this conference, our attorneys will meet with your lenders in an attempt to resolve the matter without the need for foreclosure or additional court appearances. This might include negotiating a new mortgage agreement, extending the overall length of the mortgage, or altering interest rates. If you can partially cure your mortgage, that might satisfy the bank, and it might rescind its foreclosure complaint. Depending on the amount of money you owe to the bank and the number of payments you have missed, your lender might be more or less inclined to settle the matter without going to court.

Defending the Lawsuit

Mortgage foreclosure complaints might go to court when mediation fails and lenders refuse to settle. Should this happen, preparing a defense against foreclosure is important so that the bank does not succeed in taking your home. Depending on the situation, there might be several viable defenses you can use in your case. For example, the case can be thrown out if the lender does not follow state-mandated foreclosure procedures. Similarly, if the lender acted predatorily in giving you your mortgage, that might be a reason for the judge to deny their foreclosure petition. There are federal and state lending laws in place that banks must follow when distributing mortgages. If those laws are violated, and a homeowner enters mortgage default, the homeowner may be able to keep their property in Fairless Hills. There are also foreclosure relief programs in Pennsylvania for certain homeowners. Our lawyers can assess your case and finances to determine if you are eligible for such programs.

How Quickly Can a Foreclosure Sale Happen in Fairless Hills, PA?

If a mortgage foreclosure is uncontested or a homeowner cannot defend the foreclosure lawsuit, their property can be sold relatively quickly in Fairless Hills.

Ignoring a notice of intent to foreclose is very risky. If you ignore it, your claim might go uncontested, meaning the bank will be able to foreclose on your property. Or, if you do not properly defend your case with help from our attorneys, a judge might rule in favor of the lender, giving them permission to repossess your property.

When this happens, a foreclosure auction or sheriff’s sale will take place. Lenders must only give a 30-day notice of an upcoming sheriff’s sale. There is no right of redemption in Pennsylvania, meaning if your home is sold at auction in Fairless Hills, you will be unable to get it back. Foreclosure can happen relatively quickly, meaning it is crucial for homeowners to act after receiving a notice of intent to foreclose.

Preventing Mortgage Foreclosure with Bankruptcy in Fairless Hills, PA

While mortgage foreclosure complaints can be defended in court, homeowners do not always have viable defenses they can use to stop a bank from taking their property. If that is the case, you can declare bankruptcy to prevent foreclosure in Fairless Hills.

Bankruptcy stops all efforts to collect debts, including mortgage foreclosure. Even if you have lost your mortgage foreclosure lawsuit and an auction of your property is impending, bankruptcy can stop those proceedings.

Chapter 7 bankruptcy will require you to liquidate some of your assets to repay lenders. Fortunately, there are federal exemptions homeowners can use to protect their property from liquidation. Chapter 13 requires debtors to follow repayment plans designed based on a homeowner’s income and other expenses. If you file Chapter 7, your bankruptcy will be finished within a few months. Chapter 13 can take between three and five years in Fairless Hills.

Mortgage foreclosures and bankruptcies can stay on credit reports for a similar amount of time, from seven to ten years. The difference is that foreclosure will result in you losing your home, while bankruptcy will allow you to settle your debts and retain your property.

Call Our Fairless Hills, PA Attorneys About Your Foreclosure Case Today

Call (215) 701-6519 to schedule a free and confidential case assessment with the mortgage foreclosure defense lawyers at Young, Marr, Mallis & Associates.