Philadelphia Foreclosure Attorney
Are you at risk of foreclosure in Pennsylvania?
A mortgage is a legal instrument which gives the lender or mortgage company security or a security interest in your property. This ensures that, if you either sell your property, refinance your property or default on your mortgage payments, the lender or mortgage company can recover all or most of the money it lent you to help you purchase your house or property.
Foreclosure is the legal procedure where a lender who has loaned money secured by a mortgage, forces the sale of the property in an effort to recover the money due. This money typically includes unpaid interest, and the costs involved in the foreclosure process. In Philadelphia, the foreclosure process begins with a notice of intent to foreclose being sent to the borrower after they are at least 60 days past due on their mortgage payments.
The borrower has just 30 days to cure the default, if they fail to bring the loan current with all past due amounts and fees, then the lender can obtain a court order to foreclose upon the property. Once the lender has obtained a court order, then the sheriff's sale will take place within the guidelines that have been established by the local court.
In the state of Pennsylvania, all foreclosures must go through the judicial process; non-judicial foreclosures are prohibited in this state. Judicial foreclosures are available in every state and they are required in many states, as they are in Pennsylvania. With a judicial foreclosure, the sale of the mortgaged property is conducted under the supervision of the court. In such cases, the proceeds of the sale are first allocated to satisfying the mortgage, then other lien holders, and finally, to the borrower if there are any proceeds remaining.
Before filing the complaint in foreclosure, the mortgagee must follow a number of procedures. You have the ability to fight foreclosure, and, by doing so, give yourself a chance at saving your house and your
credit. Possible defenses include:
- There may be defects in either the documents of the mortgage company or procedures taken by the mortgage company which could defeat the foreclosure action and save your house;
- It will give you time to either make a deal with the mortgage company to modify your loan or help you make alternative plans;
- If the mortgage was sold or assigned, there are often defects in the document assignment process or misinformation in the lawsuit documents which may lead to a lawsuit filed by you against the mortgage company could either yield you money or help settle the case and save your house
About the Pennsylvania Foreclosure Process
In Pennsylvania, the foreclosure process can begin after only 60 days of late payments. In this economy, it's becoming increasingly difficult for borrowers to keep up with their monthly payments, especially considering the number of underwater mortgages and sky high unemployment rates. If you have already received your first or your second foreclosure notice, then you have just a few short months to take action.
If you stand back and do nothing, you will certainly lose your home to foreclosure; however, if you want to remain in your home, then you must take immediate action to stop the foreclosure proceedings. In Pennsylvania, the lender takes the borrower to court in what is called a judicial foreclosure proceeding. In order for the foreclosure to proceed forward, the court must issue a final judgment which allows the property to be auctioned off.
When the borrower fails to contest the foreclosure of their home, the process takes an average of 120 days; however, it can take longer if the borrower decides to fight the foreclosure. There are many effective ways to do this but it will take a knowledgeable and experienced attorney to follow court procedure in the appropriate allotted timeline. As a Philadelphia foreclosure lawyer, my firm, the Law Office of Michael P. Forbes, is available to assist you in the event that you are facing the loss of your home at the hands of your mortgage lender. With a lawyer's help, you may be able to come to a resolution that sees you able to permanently remain in your
Keep Your Home! Let us Help you Fight Foreclosure
I am well versed in defending individuals against debt collection abuse and mortgage foreclosures. I am driven by a strong desire to help consumers who are in difficult financial situations, and I fight aggressively on their behalf to see that their
rights are upheld throughout their legal proceedings. Contact me about your foreclosure case, and I will employ all legal resources at my disposal to increase your chances of being able to remain in your home. As a knowledgeable Philadelphia foreclosure attorney, I am sensitive to your needs and aggressive to act to protect your home.
The following mortgage companies and law firms are the most common firms bringing foreclosure actions. I have taken defensive measures with most of these companies:
Bank of America
Bank of New York
Litton Loan Servicing
Saxon Loan Services
Phelan, Hallinan and Schmeig
Goldbeck, McCafferty and McKeever
Martha Von Rosensteihl
Shapiro and DiNardo
If you are worried that you may lose your home in a foreclosure, contact a Philadelphia foreclosure lawyer to learn more about your rights and options. Attorney Michael P. Forbes may be able to help you avoid the foreclosure process.