Philadelphia Foreclosure Attorney
Keep Your Home! Let us Help you Fight Foreclosure.
At the Law Office of Michael P. Forbes, PC, 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.
Understanding Foreclosure in Philadelphia
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
Pennsylvania home.
MORTGAGE COMPANIES
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:
- Chase Bank
- Bank of America
- Bank of New York
- Wells Fargo
- Deutsche Bank
- Sovereign Bank
- Citibank
- Litton Loan Servicing
- Saxon Loan Services
- GMAC
- Freddie Mac
- Fannie Mae
LAW FIRMS
- Phelan, Hallinan and Schmeig
- Goldbeck, McCafferty and McKeever
- Mark Udren
- McCabe, Weisberg
- 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.