Warminster, PA Mortgage Foreclosure Defense Lawyer

There is no easy or straightforward way to go through a foreclosure process. The prospect of losing your home in the quaint Warminster, PA community you love can be scary and frustrating. Pennsylvania residents face a harsh reality since there is no right to redeem or recover the property after the property is sold in a foreclosure sale. But with the right legal representation, not only will you be able to stay afloat as you navigate this process, but you may be able to achieve positive results. If your goal is to keep your home and/or to mitigate the losses, you need a reliable and trustworthy professional on your side. Fees and costs can accumulate if you ignore the foreclosing lender’s foreclosure actions. The mortgage bank can reclaim the home and also pass on the expenses of the process to you. You can also be responsible for the balance or deficiency amount if the foreclosure sale price doesn’t cover the original debt owed in the mortgage. If you have not talked to an attorney, you should. Pennsylvania provides various levels of legal protections for individuals facing foreclosure. It’s in your best interest to make educated decisions with the help of a foreclosure defense lawyer.

Warminster, PA attorneys of Young Marr & Associates, are compassionate and dedicated foreclosure lawyers. Their experience combined with an unwavering commitment to helping you obtain the best results possible can help you make informed decisions. Your initial consultation is free of charge and confidential. Call us at (215) 701-6519 to schedule a free consultation or contact us online.

Breakdown of the Foreclosure Timeline in Pennsylvania

When the foreclosure complaint is filed, the process of reclaiming the home and potential eviction begins. The foreclosure complaint is the legal document where the foreclosing lender describes the details of your delinquency and asks the court to approve a judicial sale of the property.

The Foreclosure Complaint

The answer is the legal document where you respond to the accusations and describe was is known as “defenses.”  A foreclosure attorney can meet with you and go over options as to how to best approach the answer. There are instances when the foreclosing banks are aggressive, and egregious collection practices warrant a thorough legal analysis. An experienced foreclosure defense attorney is keenly aware of the tactics banks commonly use and can help you present to the court an appropriate response.

Most people don’t understand the implication of failing to answer the foreclosure complaint can be serious. The foreclosing lender can then proceed to file what is known as a “motion for summary judgment.” The motion for summary judgment is a legal document asking the judge to grant the foreclosure sale request. A mortgage foreclosure lawyer has the experience and knowledge to explain to you  what happens when these legal strategies are employed.

The Foreclosure Notice

Foreclosure notices must be posted on the premises of the at least 30 days before the scheduled sale takes place. This notice has to be published in a newspaper once a week for three weeks at least 21 days before the date of the sale. There is time up to one hour before the sale to pay all the money owed and recover the home at that point. Otherwise, properties in Pennsylvania are sold to the highest third-party bidder or revert back to the foreclosing lender. You are required to leave or vacate the property afterward.

The Foreclosure Sale

Pennsylvania allows the lending bank to pursue a legal case against the borrower if the sale doesn’t satisfy the original loan amount. This means the borrower owes the difference between the amount of the original loan and the price sold auction. However, the deficiency cannot exceed the fair market value of the property. These actions must be presented within six months of the foreclosure sale.

How Much Foreclosure Notice Will You Receive in Pennsylvania?

Official notices must be sent to you before a formal foreclosure process can be instituted. Following the pre-foreclosure notices, you should receive a letter stating the intention to foreclose the property. A skilled foreclosure defense attorney can help you determine if these steps meet the legal requirements in Pennsylvania. There are deadlines and content-specific rules and restrictions foreclosing lenders are required to observe. Otherwise, the foreclosure action will not proceed until these mistakes are corrected.

The foreclosure process moves along quickly if you fail to be proactive. An uncontested foreclosure process typically takes 120 days to complete. A contested or challenged foreclosure usually takes longer, especially if delays and extensions are requested.

Foreclosure Protections for Warminster, Pennsylvania Residents

There are mechanisms in Pennsylvania to protect against foreclosure. A mortgage foreclosure lawyer has the training and skills to help you assert your rights and protections. Most people are unaware that banks are not allowed to be overly aggressive in charging fees and costs to mortgage holders. The Loan Interest & Protection Law protects borrowers against usurious practices including charges that 6% interest.  The Homeowners Emergency Assistance (HEA) specifically targets banks engaged in overly aggressive foreclosure practices. In addition, HAE gives Pennsylvania residents opportunities to seek financial assistance, to elect mediation, as well as the benefits of programs created to prevent foreclosures.

Warminster residents can be eligible for mediation programs. These programs will require you to meet with a housing counselor and attend a conference with the foreclosing lender with the goal of reaching an agreement for either loan modification, forbearance or a satisfactory payment plans. Scheduling this conference date stops all further action until at least 20 days after the conference.

Call Your Warminster Foreclosure Attorney Today

It’s important to consult with a knowledgeable and trustworthy foreclosure lawyer who can help you assert your legal rights under Pennsylvania law. Foreclosure actions can be unfair, and there are experienced professional, whose life’s work has been dedicated to holding usurious and unfair lenders accountable for their unjust actions. The attorneys of Young, Marr, Mallis & Associates can help you make an informed and financially sound decision. Call us at (215) 701-6519 to schedule a free consultation or contact us online.