Pennsylvania Foreclosure Lawyer
Many people are unsure what to do after they have fallen behind on mortgage payments. There are hundreds of thousands of foreclosures filed every month across the country, and most homeowners are not aware that they have rights. Homeowners may just give up, doing nothing to fight the foreclosure and eventually losing the property – most often the family home. If you are facing foreclosure, or are behind on your mortgage payments and are aware that foreclosure is imminent, it is important that you speak with our foreclosure defense lawyer.
The first action we will undertake is a full review of the mortgage documents, and to discuss the details of your situation with you. There are several legal strategies that may allow you to keep your property, to successfully defend against foreclosure, or to make financial or sales arrangements with your lender that could benefit you.
At Velter Yurovsky Zoftis Sokolson, LLC, our experienced foreclosure attorney will get to work immediately. In any foreclosure, time is of the essence. We urge you to connect with us at once so that we can determine the best strategy to resolve your situation. You have rights under the Truth in Lending Act, the Home Ownership & Equity Protection Act, and other state and federal laws.
In many cases, after a full review of the situation, there is adequate evidence of a violation of rights to present a powerful case to defend against a foreclosure action. In other cases, filing Chapter 13 bankruptcy can stop the foreclosure process, and give us the needed time to negotiate better terms or other option with your lender.
Our goal is to defend people who are facing foreclosure and to help them to pursue a favorable outcome. There are a number of possible legal solutions to the threat of foreclosure:
- Loan Modification: We can negotiate with your lender to get a lower payment or restructured mortgage.
- Deed in Lieu of Foreclosure: This action involves negotiating with the lender to satisfy the mortgage by turning all interest in the property over to the lender, avoiding foreclosure proceedings and further damage to your credit.
- Forbearance: We can act to negotiate an extension to provide you with the extra time needed to sell the property.
- Chapter 13: We can assist you to file for federal bankruptcy protection, which immediately halts the foreclosure from moving forward, and allows for negotiations with the lender for back payments or other options.
- Cash for Keys: This is a process in which you remain living in the property for a specific period of time, and the lender pays you to leave at that time. This process can be a negotiated part of a deed in lieu.
- Short Sale: If the property is mortgaged for more than its current market value, a short sale could be the right strategy. The lender will agree to sell the property for less than your mortgage. This strategy must be managed carefully, as the agreement must stipulate that you are not responsible for the shortfall, or the lender can go after you for what is termed a deficiency judgment.
Our foreclosure lawyer can take action to help you remain in your home, or to continue to collect rent payments from a tenant. If you want to keep the property or stay living at that location as long as possible, there are several legal strategies that could be initiated to help you. We should speak with you at once, as filing dates are particularly important. You could lose your ability to remain living in the property if the correct legal actions are not taken within the time frame allowed under Pennsylvania law.
A foreclosure will have a significant impact on your credit score – and may be a bigger problem than a bankruptcy would on your record if you hope to purchase a home in the future. Beyond the damage to your credit, you could incur certain tax liabilities. When the lender “forgives” some portion of your mortgage, such as in a short sale, the IRS may consider the amount forgiven to be taxable income. Depending upon the actual dates of a short sale, you may be protected against this tax debt. All of these financial issues are of great concern, and we are prepared to discuss them with you, and advise you of the best course of action for your situation.
Foreclosure Lawyer: Serving Bucks County, Philadelphia County, and Montgomery County
Your home is likely your most valuable asset. Choosing the right law firm to help you deal with a foreclosure threat could not be more important. Before making any decision about what to do, contact our firm. You can trust us to fight for your rights and interests and to help you pursue the most favorable outcome, based upon your individual situation. Contact us directly by phone at (215) 969-3004, or fill out our online form.
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