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Abington, PA Mortgage Foreclosure Defense Lawyer

Time is of the essence when you receive a notice that your mortgage is going to be foreclosed. Our lawyers are here to help you find a solution that keeps your property or allows you to part with it without damage to your finances.

Fortunately, mortgage foreclosure is not an automatic process. It takes time from the first notice before the bank can actually initiate proceedings against you. Thus, you should contact our firm as soon as you get a notice of foreclosure. If we start immediately, we might have a few months to craft a strategy to fight foreclosure. In some cases, we might negotiate a restructuring of your mortgage or request a forbearance. If keeping the property is not for the best, we can help negotiate a short sale of the property or if bankruptcy can save your assets. Our team will work closely with you to find the solution that is right for you.

Call our mortgage foreclosure defense attorneys at Young, Marr, Mallis & Deane at (609) 755-3115 for your free case evaluation.

How Mortgage Foreclosure Works in Abington, PA

Few things are more traumatic than finding a notice that your home is going to be foreclosed on. If you miss too many mortgage payments, though, that is exactly what will happen. Fortunately, our mortgage foreclosure defense attorneys can strategize how to stop your foreclosure proceedings even after they have started. Mortgage foreclosure is often a lengthy process, giving our team time to negotiate with your creditors.

In Abington, as with any mortgage foreclosure in Pennsylvania, creditors must seek foreclosure through the courts. These are known as “judicial” mortgage foreclosures. Some states have other methods, but here, the equivalent of a lawsuit must be filed with the court detailing the attempts to collect the mortgage and the property to be awarded as compensation. This results in a notice, beginning the foreclosure proceedings. The following will help you understand this process and how our team can step in and fight the foreclosure:

When You Miss Your First Payment

Missing a mortgage payment is typically where things become difficult. The bank might not notify you right away regarding your missed payment, but 12 C.F.R. § 1024.39(b)(1) requires creditors to notify you within 45 days of the delay.

When you get your notice, it should detail the payment you missed and how you can rectify the situation. In most cases, your creditor will not foreclose on your property if you submit your payment late. If you need extra time, our lawyers can reach out to your creditors to see if we can give you some breathing room. What you should not do is ignore the notice.

Additional Missed Payments

Understandably, many people get nervous after missing a mortgage payment and getting that first notice. It is important to answer that message as your creditors are under no obligation to notify you about subsequent missed payments. Some creditors might do you the courtesy of warning you each time you miss a payment.

However, some will only give you one warning before waiting to initiate foreclosure proceedings. They might even be hoping you do not answer and forget about it until the foreclosure begins. That is why you should contact our firm as soon as you get a warning from your creditor.

Initiating Mortgage Foreclosure Proceedings Against You

If too many payments are missed, your creditors will file a case with the court to start foreclosure proceedings against you. After 120 days have passed since your first missed payment, 12 C.F.R. § 1024.41(f) gives lenders the right to begin foreclosure.

Worse, you might not even know that this process has begun. Creditors do not have to notify you of their intention to file a claim. They only need to remind you to pay your missed mortgage and provide notice once the property has been foreclosed on. Thus, you should contact our lawyers immediately if your property is being foreclosed on, as the process is well underway.

How Our Attorneys Can Help Defend Your Mortgage Foreclosure Case in Abington, PA

Our attorneys can help defend against your mortgage foreclosure in a number of ways. The sooner you get your case started, the more options you will likely have available to you. If you just need a little time to get your finances in order, we could get a forbearance from your creditor. Or, our team can restructure your mortgage so your payments are less burdensome.

If your situation is more dire, we can explore more long-term solutions, such as contesting the foreclosure in court or filing for bankruptcy. Whatever the circumstances of your case, we can help you find a solution that is right for you.

Negotiate for Forbearance

A forbearance is simply a formal request to your creditor for more time to make your mortgage payment. It will not alter your mortgage agreement or future payments in any way. We can negotiate for this extra time, sometimes giving you as much as six months to get your finances in order. This option is especially helpful if you expect your financial issues to be temporary.

Restructure Your Mortgage

If you do not think you can keep up with your payments after a forbearance period, our lawyers can see if restructuring your mortgage will provide the relief you need. With this process, our team might be able to negotiate more manageable payments for you moving forward. In many cases, we will get the mortgage extended so the payments are spread over a longer time period, thereby reducing your payments.

Short Sale Your Property

If keeping your property does not seem to be an option, our lawyers can help negotiate a short sale. This means selling your property for less than the mortgage is worth.

However, you will need your creditor’s approval before proceeding. If we execute a short sale, you can avoid foreclosure and satisfy your debt because the creditor agreed to take less to settle the matter. This way, you can avoid taking a hit to your credit score.

Fight the Proceedings in Court

Once started, foreclosure proceedings can still be fought in court. Our team has the experience to determine whether there are grounds to contest your foreclosure. For example, your creditor might not have had legal authority to foreclose on your property. In other cases, you might have been a victim of predatory lending practices or errors that invalidated the agreement. Regardless, our lawyers will gather the evidence you need to fight the foreclosure.

File for Bankruptcy

If all else fails, we can still explore filing for bankruptcy as a solution. Through bankruptcy, you can stop your foreclosure proceedings and other attempts to collect debts. However, some of your property might still be sold off to satisfy your debts. Still, we can help you develop a repayment plan through Chapter 13 bankruptcy so you can keep your property.