Foreclosure Lawyer Bucks County
Pennsylvania’s real estate market has been amongst those hit hardest in the United States in recent years. Among the fifty states, Pennsylvania was ninth in Foreclosures in 2015 (with respect to the percentage of homes in the state foreclosed upon versus the other forty-nine). Many people have struggled with the harsh new economic realities of the past decade, leading to an unprecedented number of short-sales and foreclosures.
If you are facing foreclosure, now is the time to act. Do not let yourself be boggled down by the weight of your anxieties and fears. Contacting a local Foreclosure Attorney can help relieve your concerns and lead to the best possible practical resolution of your situation. The Law Offices of Greg Prosmushkin, P.C. can help. Call today to discuss your matter with one of our attorneys.
What Can I Do?
In order to determine the best course of action, you must have a full understanding of the situation at hand. Here are some specifics questions to discuss with counsel:
- Has a foreclosure action actually been filed at this point in time?
- If so, has proper procedure been followed with respect to the prosecution of the foreclosure action?
- Are the note, the mortgage, settlement statement, truth in lending disclosure, and loan application appropriate?
- Is there any evidence of predatory lending?
- What is the state of your finances? Specifically –
- a. How far in arrears are you?
- b. What is the financial value of the home?
- c. How much equity have you accumulated in the home?
- d. When considering the realities of your financial circumstances, are they such that keeping the home is a realistic option?
By asking and answering these questions you and your attorney can determine the best course of action available to you. This may include preparing potential defenses to Foreclosure based upon the answers to these questions. At this juncture, counsel may proceed and schedule a compulsory conciliation conference with the bank so that the parties may meet and discuss the matter.
There are a number available to you, including:
- 1) Loan modification – This process is long and arduous, however it may reap real benefits. If the bank is open to a modification of the loan it may be possible to structure the loan such that you are able to afford your mortgage. This option is almost entirely in the hands of the bank. It will come down to whether it is financially practical for the bank to seize the property. In many areas in the Commonwealth where property values are down, the bank would much rather have your money than your home.
- 2) Short-sale – This allows for a sale of the home, though the money from the sale will not cover the property’s debt. This protects the seller’s credit at the expense of their substantive finances. However, this is certainly preferable to foreclosure.
- 3) Deed in Lieu – This allows the borrower to convey all interest in the property to the lender to satisfy a defaulted loan. As with a short-sale, this option is preferable to foreclosure.
- 4) Bankruptcy – Whether under Chapter 7 or Chapter 13, a bankruptcy filing serves the purpose of preventing a Sheriff’s sale of the property and forces the lender to accept a payment plan for arrears. These options are almost universally better than Foreclosure and all should be considered and discussed with counsel prior to taking any action.
Why Do I Need a Lawyer?
Counsel can help you to determine the best available options for you given the facts at hand. Whether surrendering the property, fighting in court, or making alternative arrangements with the lender, you will be well-informed and have invaluable assistance in making this important life choice. The Law Offices of Greg Prosmushkin, P.C. has helped many in your situation and can help you. Call today to schedule an entirely free consultation with one of our attorneys.
This content was written on behalf of Greg Prosmushkin.