Harrisburg, PA Mortgage Foreclosure Defense Lawyer
When you have worked hard to own a home or business, an impending foreclosure can be frightening and upsetting. It can feel like you are having everything taken away from you, and there is not a thing you can do about it. Lenders will use scary language to try and scare you into making things “right” at any cost. You may even be working towards fixing any issues that may exist when you get a notification that your property is going to be foreclosed on.
If you are facing an impending foreclosure or dealing with one right now, our lawyers are ready to help. Our skills and experience can effectively fight against foreclosure proceedings and protect your property and keep it yours.
If you need help, contact our mortgage foreclosure defense lawyers from Young, Marr, Mallis & Associates at (215) 701-6519 and get a free case analysis.
Understanding Harrisburg, PA Mortgage Foreclosure Documents
A great deal of understanding foreclosure proceedings in Pennsylvania comes from understanding the language in documents that pertain to foreclosure. Mortgages can use a lot of strange terms that are not really employed everywhere else. Foreclosure proceedings are the same way. There are some strange terms you may come across in your mortgage that may not make sense right away. Fortunately, our mortgage foreclosure defense lawyers have explained some of the important ones in this section below.
Generally, one party in a mortgage is called a “mortgagor” while the other is called the “mortgagee.” Older terms like these can be confusing, partly because they are strange terms and partly because they sound so similar. It is not uncommon for people to get the two terms flipped in terms of meaning. This is not ideal when trying to interpret a mortgage when faced with the prospect of foreclosure.
The “mortgagor” is the party that takes out the mortgage. They could also be called a “borrower” or a “debtor.” In all likelihood, this will be you.
The “mortgagee” is the lender or creditor. This is the party that will try to foreclose on you if it comes to it.
Mortgages may reference “default” or “events of default” from time to time. A default is a thing that makes a party in violation of the mortgage. An almost universal default under the terms of a mortgage is a late payment. Of course, other things can result in default besides missed payments.
Every mortgage may have different terms for its “defaults” section, so it is best to have our mortgage foreclosure defense lawyers take a look at your mortgage and figure out what is going on.
How Long Do I Have Until Someone Forecloses on Me in Harrisburg, PA?
You cannot get foreclosed on right when you miss a mortgage payment. There are federal regulations that govern what a lender must do before initiating foreclosure proceedings. These rules are laid out in 12 C.F.R. § 1024.39.
Before a lender can consider foreclosure proceedings, they have to contact you within 45 days after your first missed mortgage payment. At that point, they have to notify you that you have missed a payment and what your options are. Many mortgages will have what is called a “cure” period where, if you make the payment within that time, you have “cured” the default, and things proceed as normal.
45 days after your next missed payment, the mortgagee can notify you again, but they do not have to. If they do notify you, the tone may not be as cooperative as the first time if you have still not made a payment.
Finally, 120 days after your first delinquent payment, lenders can initiate foreclosure proceedings. The lender may or may not tell you that they have filed the complaint, so it is important to pay attention to timelines once you receive the first notification from your lender (or have our lawyers keep note of it for you).
Options for Dealing with Mortgage Foreclosure in Harrisburg, PA
You have a couple of options for dealing with mortgage foreclosures in Harrisburg. Which option is right for you will depend entirely on the unique facts and circumstances of your situation, so you should get some advice from our lawyers and proceed accordingly.
Pay Off Debts
The “easiest” way to avoid foreclosure is to pay the missed payment before the cure period ends. If you are able to make the payment within the cure period specified in your mortgage, then all is well, and foreclosure will be avoided.
However, the reality of your situation may make this option impossible. Indeed, it is a difficult thing for many people struggling to make payments and face foreclosure. Luckily, there are other options available.
One way to avoid foreclosure is to have our lawyers work with the lender and restructure your mortgage to fit the current situation better. At the end of the day, lenders want their outstanding debts paid. They are not in the business of having random properties in their inventory. Thus, foreclosure is used more as a threat than a promise by many lenders. Accordingly, our lawyers can try to work out a new payment plan with your lender that avoids foreclosure.
File for Bankruptcy
A somewhat aggressive way to avoid foreclosure is to file for bankruptcy. Filing for bankruptcy has the effect of putting an instant stop to any debt collection efforts, including foreclosures.
You should carefully consider your options before deciding to file for bankruptcy. Speak to our lawyers about the pros and cons of filing for bankruptcy to avoid foreclosure.
Have a Chat with Our Harrisburg, PA Mortgage Foreclosure Defense Lawyers Right Away
Do not hesitate to call our Young, Marr, Mallis & Associates mortgage foreclosure defense lawyers at (215) 701-6519 and have a free once-over of your case.