Willow Grove Mortgage Foreclosure Defense Lawyer

Defending a foreclosure lawsuit from the bank that gave you your mortgage loan can be challenging, and our attorneys are prepared to fight on your behalf in Upper Moreland Township.

The first thing that happens to start foreclosure is the bank sending a notice of intent. The bank can bring a foreclosure lawsuit in court 30 days after sending this letter. This would involve a judge in your case, who may order both parties to enter mediation to resolve the dispute. Mediation could yield newly negotiated mortgage terms or be unsuccessful if lenders are determined to foreclose. In such situations, homeowners can respond by filing for Chapter 13 bankruptcy. This would automatically pause foreclosure cases, giving homeowners several years to repay banks and get back on course with their mortgages in Willow Grove.

Get a free case analysis when you call the Philadelphia mortgage foreclosure defense lawyers of Young, Marr, Mallis & Associates at (215) 701-6519.

Initial Stages of Mortgage Foreclosure in Willow Grove

For lenders to initiate foreclosure in Upper Moreland Township, borrowers must be 120 days into mortgage default. This could happen after missing several months of mortgage payments, with borrowers receiving notices of intent from their banks.

Getting an intent letter is your formal notification that your lender is aware of your default and the amount you owe and is ready to bring a foreclosure lawsuit in court if you cannot cure it. Curing your mortgage would entail satisfying the missed payments, which could be impossible in your current financial situation. If you do not cure the mortgage or come to another agreement with the lender in the following 30 days, the bank can submit a foreclosure petition to the court in Willow Grove.

Upon receiving an intent letter, contact our lawyers immediately. We can quickly read the letter, your mortgage contract, and any other documentation relevant to the case. Suppose you experienced undue financial hardship recently because of a major life event, like a divorce, illness, or death. In that case, we may convince the bank to put your loan into forbearance after negotiating updated terms. This could pause payments until the financial hardship passes, though the borrower is still responsible for repaying the full amounts after the forbearance period is over.

In the initial stages of your foreclosure case, our lawyers will identify potential ways to avoid sheriff sales and unfavorable court judgments. We can also thoroughly negotiate with your lender, whether before they file the foreclosure complaint or during court-ordered mediation, to mitigate the resources and time spent on the case for all parties involved.

Preparing Homeowners for Court Appearances During Foreclosure Lawsuits in Willow Grove

Foreclosure cases must go through the courts, meaning homeowners may have to defend these claims during trials in Horsham. Our mortgage foreclosure defense lawyers can prepare you for what this may entail, even if we can settle the issue out of court through mediation.

Judicial foreclosures typically benefit homeowners because judges provide crucial oversight during trials. Though judges may encourage lenders and borrowers to go through mediation as an alternative dispute resolution, mediation is not always successful. Some lenders are determined to get full repayment immediately via sheriff sales and deficiency judgments. If selling your home at auction does not yield its full fair market value, a deficiency judgment would force you to pay the remaining balance after the sale.

Foreclosure cases that go to court operate similarly to other trials. Because your lender is the plaintiff, the burden is on them to prove they have standing to foreclose. Our goal will be to defend your case, showing the court why the lender may not take your house, such as if they violated lending laws or were predatory when servicing your loan.

Going to court to defend your homeownership can be an emotionally taxing experience that our lawyers can help you navigate. When judges enforce mortgage contracts and recognize lenders’ right to foreclose, homeowners may still have solutions to avoiding sheriff sales and deficiency judgments, such as bankruptcy.

How Filing for Bankruptcy Can Save Your Willow Grove Home from Mortgage Foreclosure

Signing a mortgage contract could bind you to its terms, even if they are unfavorable. In order to repay the bank and get back on track with your mortgage, you can file for bankruptcy in Upper Moreland Township.

When you do this, several things happen. The first is that the court will enforce an automatic stay. This stops the bank from doing anything to repossess your property. If a foreclosure trial is currently in progress, it will stop. So will any looming sheriff sales. Chapter 13 is the best bankruptcy chapter to tackle secured mortgage debt that must be repaid. With Chapter 13, debt is reorganized under a lower interest rate, keeping it from growing too much while debtors are actively working to repay it. Filing for bankruptcy may convince the lender to renegotiate the mortgage terms, as the repayment plan under Chapter 13 could give borrowers up to five years to settle debts.

Filing the wrong bankruptcy chapter could keep your home in jeopardy. For example, filing Chapter 7 would subject your assets, possibly including your home, to liquidation so creditors can be repaid. Our lawyers will ensure we file the appropriate chapter based on your debts so that you can reach your desired result at the end of the bankruptcy case. If you have any other concerning debt, and this is part of what made you default on your mortgage, we can also address those financial concerns during your bankruptcy case. Some of them may be dischargeable, erasing your responsibility to repay them.

Call Our Willow Grove Lawyers to Talk About Your Case Today

Call the mortgage foreclosure defense lawyers at Young, Marr, Mallis & Associates for help with your case at (215) 701-6519.