In the state of Pennsylvania, mortgage foreclosure is carried out in the court system. Excluding the pre-foreclosure period, the entire process takes about 10 months. Typically, foreclosure begins after a borrower is 60 or more days late on payments. Under usual procedure, the lender will send the borrower a letter notifying him or her of the foreclosure.
As the borrower, if you can’t come up with financial arrangements to prevent the foreclosure from going forward, you will typically have a civil suit filed against you by the lender. Once you are notified, you will have up to one month to respond. If you do not respond, the court will enter a default judgement. Once you are officially in default on your loan, the property will be sold in order to cover the amount you owe. However, you can still prevent the sale by coming up with the full amount of the loan.
Protecting you and your home.
Falling behind on your mortgage may leave you in a terrified state. However, our mortgage foreclosure defense team is here to help you develop a plan to keep your home. Our foreclosure attorneys are well versed in Pennsylvania and federal laws and know exactly how to fight to protect homeowners.
We evaluate every individual situation to determine your rights and come up with innovative solutions to stop the foreclosure process. If you are in danger of losing your West Chester home, contact Stan Luongo for representation and guidance through your mortgage foreclosure defense.
Chester County Foreclosure Defense
Sometimes the key to mortgage foreclosure defense is simply giving yourself time. With a foreclosure lawyer from our team, you’ll learn about the various actions you can take and how your credit score will be affected. Some of these actions may include:
- Short sale
- Selling your home
- Loan modification
- Filing for bankruptcy
- Forbearance agreement
- Reverse mortgage
- Deed-in-lieu of foreclosure