Philadelphia Foreclosure Defense Attorney
PA Foreclosure Defense Lawyer with 25+ Years of Experience
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 us today for a free consultation!
What Is Foreclosure in Philadelphia?
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 Pennsylvania, the foreclosure process can begin after only 60 days of late mortgage 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 and hopefully avoid foreclosure.
Contact me about your Philadelphia 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 mortgage foreclosure attorney, I am sensitive to your needs and aggressive to act to protect your home.
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.
Can You Avoid Foreclosure in PA?
- 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;
- You can work to get 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
Save Your Home From Foreclosure
If you stand back and do nothing, you will certainly lose your home to foreclosure. If you want to remain in your home, then you must take immediate action to stop the foreclosure proceedings. You have the ability to fight foreclosure, and by doing so, give yourself a chance at saving your house and your credit.
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.
I have taken defensive measures with most of these mortgage companies:
- Chase Bank
- Bank of America
- Bank of New York
- Wells Fargo
- Deutsche Bank
- Sovereign Bank
- Litton Loan Servicing
- Saxon Loan Services
- Freddie Mac
- Fannie Mae
I have also taken defensive action with these mortgage law firms:
- Phelan, Hallinan and Schmeig
- Goldbeck, McCafferty and McKeever
- Mark Udren
- McCabe, Weisberg
- Martha Von Rosensteihl
- Shapiro and DiNardo
Foreclosure vs Short Sales
What Is the Difference Between Foreclosures and Short Sales?
If you own a home and find yourself in a financial bind, both foreclosure and short sales can help you get out of a sticky situation.
Foreclosure processes occur when a lender repossess the house, usually against the owner’s will. Short sales are transactions that occur when a mortgage lender allows the person borrowing to sell the property for less than is owed on the mortgage.
Length of Time
There is a timing difference between the two, with short sales taking up to one year to fully close, and foreclosures usually being much quicker with recovering money owed as the main motive.
Impact on Credit Score
A short sale can be way less damaging to your credit score than a foreclosure. People who usually go through short sales are able to buy another house without any wait time, depending on if you can secure a second mortgage. Foreclosures, however, will stay on your credit report for a total of 7 years. You will also have to wait 5 years to be eligible to purchase another house.
How Our Foreclosure Defense Firm Can Help
Talking to your Philadelphia foreclosure lawyer can be one of the smartest steps to take to discuss options if paying for your mortgage is becoming a challenge. Attorney Michael P. Forbes will be able to guide you through the best plan of action based on your specific situation while keeping state laws in mind.
What Is Foreclosure Protection?
Foreclosure Protection or the Foreclosure Prevention Grant Program is put in place for those who are unable to pay their mortgage for several months and are at risk of losing their home. Not all homeowners are eligible for this program.
To qualify, a person must fit certain criteria:
- The homeowner must be able to provide proof of their ownership by tax records or deed
- The homeowner must meet a certain annual income
- The homeowner must be experiencing a lack of financial resources
- The homeowner must be experiencing a financial crisis
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.
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My goal is to reach as many people as possible to let them know that they do have the option to combat collection agency bullies.
CommittedMy firm is proud to deliver high-quality legal representation and compassionate counsel during this difficult time.
Over 25 years of experience and the qualifications to fight for you and your rights.
We fight back and make the debt collector pay YOU money for their abusive, harassing behavior.