If you are a Pennsylvania resident being threatened with foreclosure, it might seem like you have three choices: pay up, file for bankruptcy or lose your home. In fact, the law provides many remedies for homeowners who are struggling to keep up with mortgage payments. As skilled Philadelphia bankruptcy attorneys we are equipped to help you explore every possible resource you have. There are many paths to debt relief. We can help you choose the road that is best for you. Please contact us today to discuss your debt relief options and how we can help with foreclosure prevention.
Foreclosure Prevention & Defense: The Law Is on Your Side
With the economy in flux, and predatory lending at an all-time high, the need for mortgage repayment flexibility is greater than ever. At our PA debt relief law firm we offer our clients foreclosure defense representation to help them find ways to keep their home and comfortably manage their debt.
If your mortgage lender is threatening to foreclose, it may seem like they are holding all the cards. In fact, the federal Truth in Lending Act (TILA), along with other state and federal laws, provide many legal protections for people who are being threatened with home foreclosure. This law requires the lender to offer full and clear disclosure of all of the terms of the loan agreement before the borrower signs. If that standard is not met, or if the lender does not disclose clearly and accurately all required information when the loan is made, the borrower has legal remedies protecting him or her from foreclosure actions.
There are other defenses to a foreclosure action, as well as remedies that may permit you to avoid the foreclosure. Borrowers have a statutory right to cure defaults on a mortgage loan by paying certain defined amounts, called reinstatement. Even after a home is sold after foreclosure, a borrower may be able to redeem, or buy back, the property within 30 days after sale and before a court gives final approval of the sale. Our Philadelphia foreclosure defense attorneys are familiar with the methods by which you may be able to protect your biggest asset: your home.
Foreclosure Negotiation: Attorneys Guiding You To A Better Result
When you haven’t paid your mortgage and are in danger of losing your home, that isn’t the end of your trouble. If the property is sold for less than you owed the bank, you may still be liable for the difference. A Philadelphia foreclosure prevention attorney may be able to achieve a favorable resolution through foreclosure mediation. For example, you may be able to give the lender a deed in lieu of foreclosure, which is an agreement whereby the borrower transfers the property to the lender, and the lender releases the mortgage. The parties go their separate ways with a full and final resolution.
This and other negotiation remedies may be available. Don’t risk going up against your mortgage lender alone. The lender has attorneys on its side; you should too.
Our attorneys understand the statutes governing home loans and foreclosures, and can help you use the law to its fullest to protect your home from foreclosure. We offer other debt relief services as well, including:
- Assistance with loan modification
- Bankruptcy representation
PA Bankruptcy Attorneys Helping You Avoid Foreclosure
If you have questions about foreclosure defense, we are here to help. Please contact us online or by phone to speak with an experienced Philadelphia foreclosure prevention lawyer. We offer all bankruptcy and debt relief clients free initial consultations.
Our Philadelphia, Pennsylvania bankruptcy lawyers offer free initial consultations and handle
- Bankruptcy General
- Common Bankruptcy Questions
- 341 Meeting
- Chapter 13 Bankruptcy
- Chapter 7 Bankruptcy
- Debt Consolidation
- Foreclosure Defense
- Life After Bankruptcy
- Loan Modification
- Stopping Car Repossessions
- Stopping Wage Garnishments
- Tax Debt Issues
Serving the entire southeastern Pennsylvania area including all of Philadelphia County.