Serving Bucks County, Northeast Philadelphia, and Montgomery County
Many people are unsure what to do after they have fallen behind on their 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 payment and are aware that Foreclosure is imminent, it is important that you speak with our attorneys
The first action we will undertake is a full review of the mortgage documents and discuss the details of your situation with you. Several legal strategies may allow you to keep your property, successfully defend against Foreclosure, or make financial or sales arrangements with your mortgage lenders that could benefit you.
At Velter Yurovsky Zoftis Sokolson, LLC, our experienced Philadelphia, PA foreclosure defense attorney will get to work immediately. In any Foreclosure, time is of the essence. We urge you to connect with us at once to 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 thirteen bankruptcy can stop the Foreclosure process and give us the needed time to negotiate better terms or other options with your lender.
Our goal is to defend people who are encountering Foreclosure and help them to pursue a favorable outcome. There are several possible legal solutions to the threat of foreclosure:
- Loan Modification: If you have fallen behind on your mortgage payment. We can negotiate with mortgage companies to get a lower mortgage payment, change the interest rate, or restructure your mortgage.
- Deed in Lieu of Foreclosure: This action involves negotiating with the mortgage company 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 in filing for federal bankruptcy protection, which immediately halts the Foreclosure, or scheduled sheriff sale from moving forward and allows for negotiations with the company for back mortgage payments or other real estate options.
- Cash for Keys: This is a process in which you remain living in the property for a specific period of time, and the mortgage 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, this could be the right strategy. The lender will agree to sell the property for less than your mortgage. A short sales 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.
Stay in Your Home
Our Foreclosure Lawyer in Philadelphia, Pennsylvania 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, several legal strategies 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 on the property if the correct legal actions are not taken within the time frame allowed under Pennsylvania law.
Credit Score and Tax Liability
A foreclosure will have a significant impact on your credit rating – and maybe a bigger problem than 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 short sales, the IRS may consider the amount forgiven to be taxable income. Depending upon the actual dates of a 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.
Your home is likely your most valuable asset. Choosing the right Philadelphia Foreclosure Lawyer to help you deal with a foreclosure threat could not be more important. Before making any decision about what to do, contact our law firm. You can trust us to fight for your rights and interests and to help you pursue the most favorable outcome based upon your situation. Contact us directly to seek legal advice by calling phone number 215-969-3004, or filling out our online form.
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