Delaware County (Delco), PA Foreclosure Defense Lawyer
A foreclosure doesn’t have to result in the worst-case scenario you probably expect. Your rights are truly protected when you have an experienced and dedicated attorney representing you. Foreclosures in Pennsylvania are considered judicial procedures, and mortgage debtors can asset their legal interests forcefully to obtain a favorable outcome. Most people facing foreclosure are likely to be experiencing adversity – the loss of a job or a sudden illness, for instance. For most residents of Delaware County, their home is a key asset they were expecting to sell upon retirement or need to stay near some of the best schools and hospitals in Pennsylvania.
If you or someone you know need a foreclosure attorney, call the offices of Young, Marr & Associates to schedule a free and private consultation today. With over 30 years of experience, we fight aggressively to protect our clients’ interests. Whether the goal is to stay in the property or to sell it, you shouldn’t have to let a detached bank handle this process. Call us at (215) 701-6519 to learn more about how we can help you through this difficult process.
Types of Bankruptcy that Can Help You Keep Your Home
Bankruptcy is considered an effective method of postponing or preventing an imminent foreclosure. Bankruptcy law gives debtors the ability to protect certain interests in the home that may be lost without the guarantees provided under the U.S. Bankruptcy Code. With what is known as the “automatic stay,” all collection practices must cease, including any foreclosure attempts. Another benefit is that you will be able to free some of your income that goes to credit cards and other unsecured debt that is typically discharged.
Chapter 13 Bankruptcy
When it comes to putting a stop to a foreclosure, a Chapter 13 filing is effective because it gives debtors the ability to catch up on late payments or cure defaults. While the principal amount owed remains unchanged, with the help you a qualified attorney you can discharge unwarranted penalties.
If you file for bankruptcy under Chapter 13, you will have to pay on a payment plan. As long as you can show that you will have a stream of income for the duration of the plan, you stand a good chance of keeping your residence. In most Chapter 13 plans, payments are usually close to your regular monthly payments with some additional amounts to catch up with the delinquent amounts.
Chapter 7 Bankruptcy
Depending on various legal and financial analyses, a Chapter 7 filing can lead to successful end-of-foreclosure proceedings. For example, Pennsylvania provides some protections for homes owned by a joint tenancy. Your attorney can discuss these options with you at greater length.
Common Unfair Lending Practices
One of the greatest misconceptions about foreclosures is that the mortgage bank is protecting your rights when they send you notices and paperwork. While this may be true to some extent, unfair lending practices are rampant these days, in spite of a sizeable body of consumer protection laws. Unfair lending practices include the substantive details of a mortgage’s terms and conditions in what is called “promissory note,” as well as the process preceding your mortgage loan transaction.
Consumers have rights against foreclosure when the loan is marketed through misrepresentation or deception. Your attorney can evaluate the facts surrounding your foreclosure to determine if this is a viable defense in your case. There are many forms of deception employed by banks these days, particularly in issuing loans that are unsuitable for the borrower. Common unfair practices include:
- Extending credit to consumers unable to repay a loan
- Offering consolidation loans for an amount that is the same or higher than the monthly payments on the loans
- Refinancing the loan with a loan that doesn’t have an escrow account and has the same payments as the old loan
- Offering a variable rate loan with a strong likelihood of an increase in the mortgage payments that the debtor will not be able to sustain
- Making a loan for an amount that is different than what the consumer requested without providing an explanation
- Offering a loan with a higher interest rate or disadvantageous terms that were not originally promised
- Extending a balloon payment transaction to a consumer who is unable to repay the loan
Grounds to Cancel a Mortgage for Unfair Loan Practices
Most people don’t realize that your lender is legally required to comply with the law when the loan documents are signed and executed. The validity of your loan is unenforceable in certain situations. Abusive mortgage origination practices can help defend you against foreclosure because the damages your attorney can seek can help offset the foreclosure, or you can pursue what is known as “equitable relief” where courts cancel a loan if there is a patent injustice against a consumer.
The Home Ownership and Equity Protection Act (HOEPA) protects mortgage debtors against abusive loan terms and practices. Many consumers are charged excessive fees frequently mischaracterized so as to not alert consumers that they are paying illegal fees. A skilled foreclosure attorney can analyze your loan terms and charges to determine if you’re the victim of a scheme of padded fees or other unwarranted fees.
Delco Mortgage Foreclosure Defense Attorneys Offering Free Consultations
You don’t have to accept your bank’s impositions or fight alone against potentially illegal abuses and usurious practices in Delaware County. If there are discrepancies in your loan terms or what happened leading to the foreclosure, you should speak to a qualified attorney immediately. Since foreclosures in Pennsylvania entail an official judicial process, you can fight this foreclosure effectively. Young, Marr & Associates are known for their dedication and commitment to challenging banks’ underhanded tactics. Call (215) 701-6519 to speak with a Delco foreclosure defense attorney who may be able to file emergency motions for you.