Ridley Park Mortgage Foreclosure Lawyer

Foreclosure is nothing short of a nightmare for homeowners, and we can use our experience defending foreclosure complaints to help borrowers keep their homes despite defaulting.

We can help homeowners with their mortgage foreclosure cases by reading and preparing responses to notices of intent from lenders. Reviewing the original mortgage contract and previous communications with your lender will give us insight into how they serviced you, including if they were predatory. If lenders proceed with filing foreclosure complaints in court, we can respond within the appropriate timeframe so judges do not automatically agree to foreclose. If negotiations to change the mortgage agreement are unsuccessful and you do not have the means to cure your mortgage fully, we may suggest bankruptcy. Unlike foreclosure, homeowners can use bankruptcy to their advantage to shield their homes and other assets from repossession while they repay lenders.

For help with your case from the mortgage foreclosure lawyers of Young, Marr, Mallis & Associates, call us today at (215) 701-6519.

How We Can Help Homeowners with Mortgage Foreclosure in Ridley Park

Our experienced attorneys can help homeowners with all aspects of mortgage foreclosure claims, starting with reading and responding to a lender’s notice of intent. We can review your current mortgage agreement and missed payments to date, looking for any signs of predatory lending. We can answer mortgage complaints once they are filed in court and negotiate with lenders, filing for bankruptcy if necessary to protect borrowers’ homes from repossession in Ridley Park.

Reading and Responding to a Notice of Intent

If you default on your mortgage, your lender could send you a notice of intent to foreclose after 120 days in Ridley Park. Lenders cannot proceed with foreclosure complaints in court without sending this mandatory notice in the mail. When you get this notice, we can promptly read it with you, as banks will lay out what the borrower owes and the bank’s next steps if the borrower does not cure their mortgage within 30 days. If you have the funds to cure your mortgage in this short period of time, we can respond to the mortgage lender. However, this is typically impossible for homeowners who have already defaulted enough to face foreclosure. Still, there are other ways to stop foreclosure other than curing outstanding payments immediately, and our lawyers can explore these potential solutions for your benefit.

Reviewing Your Mortgage Contract and Missed Payments

To determine your next steps, we must review the current mortgage contract and your missed payments to date. Errors with automatic payments or other mistakes on the lender’s behalf could explain several missed payments leading to a notice of intent, and we can address these miscommunications quickly on homeowners’ behalves. Otherwise, the contract and your missed payments to date will give us a better idea of why you fell behind on your mortgage, such as the monthly payments being too high initially based on your income and expenses. We can survey areas of the contract that the bank might agree to amend to avoid foreclosure, such as extending the mortgage terms for more affordable monthly payments. Negotiating different interest rates or refinancing can also stop foreclosure, as lenders typically want to settle these issues to save the resources associated with judicial foreclosures in Pennsylvania.

Looking for Signs of Predatory Lending

Indications of predatory lending in the contract or previous communications with a lender could be used as a defense against mortgage foreclosure. Banks must follow state and federal lending laws when giving prospective homeowners mortgages. They may not take advantage of borrowers by hiding balloon payments in contracts, intimidating borrowers to accept unfair loan terms, or confusing them so they do not fully understand the contract they agree to. If we find evidence of predatory lending, we can present it to the judge assigned to your judicial foreclosure case in Ridley Park, potentially convincing them to dismiss the bank’s complaint against you.

Answering the Foreclosure Complaint

Banks officially start foreclosure proceedings when they file complaints in court. Pennsylvania requires judicial mortgage foreclosures. This benefits homeowners, as a judge will oversee all aspects of their case, preventing lenders from rushing through the process and unfairly taking borrowers’ homes.

Once the bank files its complaint in court, we will have 20 days to respond. Otherwise, the judge might automatically side with the lender, allowing them to foreclose the mortgage and proceed with a sheriff’s sale. Pennsylvania does not have a right of redemption following sheriff’s sales, so once your house is sold, you cannot get it back. Our mortgage foreclosure lawyers will properly respond to any foreclosure complaint filed against you, inform the court of any defenses against foreclosure we plan to use, identify mortgage foreclosure diversion programs you may be eligible for, and likely negotiate with the lender to avoid further court appearances.

Filing for Bankruptcy to Protect Assets

Defending foreclosure complaints can be challenging, and some lenders have the legal right to repossess homes when borrowers default. Homeowners still have solutions in these situations, like filing for bankruptcy. Our attorneys can prepare a Chapter 13 bankruptcy petition in response to foreclosure, which lets borrowers keep their homes and other assets while they repay lenders. We may file for bankruptcy soon into your case or after negotiating with a bank that refuses to alter the previous mortgage contract. Chapter 7 bankruptcy would not protect your assets and would liquidate them to repay creditors like mortgage lenders. Our lawyers can ensure we choose the proper bankruptcy chapter to improve your financial situation, not worsen it. We can also draft and submit a favorable repayment plan to the court that addresses other debts you might have besides mortgage debt.

Call Our Lawyers in Ridley Park to Discuss Your Foreclosure Case

For a free review of your case from the mortgage foreclosure lawyers of Young, Marr, Mallis & Associates, call (215) 701-6519 today.