Liberate Yourself From Foreclosure
The truth is that you have a good probability of successfully defending against foreclosure on your home. However, the majority of Pennsylvania residents do not fight to keep their homes. Why?
They do not believe that effective action can be taken to save their homes or avoid foreclosure. Pennsylvania homeowners have several foreclosure help options, which can improve the chances of staying in your home.
If you are on the verge of falling behind on your mortgage payments or have entered the foreclosure timeline, here are the most common foreclosure defense options to help you avoid foreclosure and deficiency judgment—a second lawsuit filed against the borrower to recover the difference between the debt owned and the sale price on a foreclosed home.
1. Defending Yourself in Foreclosure
Some people hesitate at approaching a foreclosure defense attorney or other resource for foreclosure help, and instead choose to fight foreclosure by themselves. If you do decide to go it alone, here is the process for mounting an effective foreclosure defense:
- Check Pennsylvania statutes to learn the lender requirements to foreclosure
- Obtain a copy of all of your mortgage documents
- Try to identify violations of the Federal Truth in Lending Act
- Gather all available personal financial records
Make sure that you completely understand the court process covering foreclosure and that you identify and meet all deadlines prior to choosing this option. Unfortunately, very few people successfully save their homes via this route, especially because they are single-handedly facing their bank's formidable legal opposition in court.
2. Free Foreclosure Help
HUD-approved housing counseling agencies can be a resource for information on foreclosure prevention services and programs offered by government agencies, private and community nonprofits. These organizations work with you to find suitable alternatives to foreclosure. They also can provide credit counseling—usually free of charge. Keep in mind that these agencies do not provide the qualified legal representation that an attorney does.
3. Attorney to Prolong Foreclosure
Many homeowners enter the foreclosure timeline because an single financial hardship causes them to fall behind on their monthly payments. Many of these people only require some time to right the ship—to bring their mortgage payments current.
There are several ways to prolong the foreclosure process to give yourself time to become current with your payments, and many attorneys specialize in this method of foreclosure defense.
4. Foreclosure Defense
It’s astonishing that there are Pennsylvania homeowners who don't hire an attorney to help them keep their homes. Mounting a successful foreclosure defense requires a tailored approach that is best executed by those with considerable experience in the realm of foreclosure defense.
A skilled foreclosure legal team has the knowledge and skills necessary to conduct a thorough review of your financial circumstances, loan documents, and notices and letters related to the foreclosure lawsuit.
Foreclosure defense lawyers are generally more affordable than most people may think. After all, the money you spend on foreclosure defense is much less than it will cost your long-term financial future and livelihood if you lose your home.
5. Loan Modification
A loan modification refers to a permanent change in terms of the mortgage—such as interest rate, term, or principal—or a combination of the designed to lower the monthly mortgage payment. A loan modification is a viable option for Pennsylvania homeowners who are experiencing long-term challenges involving the repayment of their home loan.
Act Immediately to Avoid Foreclosure
You have to be at least 60 days late on payments before the foreclosure process begins. The mortgage lender will usually send out two letters of impending foreclosure action and may present options to help you avoid losing your home.
Whether you plan to work out the situation yourself, seek free Pennsylvania foreclosure help or hire an attorney experienced in foreclosure defense and loan modifications, it's critical to act quickly. Generally, you have a window of 2 to 4 months after receiving the pending foreclosure notification to find a way to save your home. If you've already received any kind of foreclosure notification, then be sure to make a decision about your course of action as soon as possible.