7 Frequently Asked Questions About Foreclosures
Tadross Law knows that homeowners across America have many of the same questions regarding foreclosure. However, every foreclosure case involves specific factors that will influence the options available to homeowners. Below are just a handful of the most frequently asked questions regarding foreclosure proceedings.
What Is A Foreclosure?
A foreclosure is a legal process where a homeowner forfeits all rights to their property, typically because they have failed to pay the mortgage. If the owner can’t pay off the outstanding debt or sell the property via a short sale, the property then goes to a foreclosure auction.
Will Foreclosure Affect My Credit?
In short, yes, a foreclosure and a short sale will have a negative impact on your credit score. A foreclosure is generally worse because you are not working with your bank whom you owe money to settle your debt.
How Long Does The Foreclosure Process Take?
Without any issues, the entire process can take approximately four months to complete. Most foreclosure processes also require a notice-of-sale to be published in public for at least 20 days before the sale date. If any problems occur during the foreclosure process, it can take anywhere from four months to one year to complete.
How Long Can I Stay In My Home After I Receive a Foreclosure Notice?
Homeowners may remain in their home until they receive notification of the sheriff’s sale. A sheriff’s sale notice will include the date and time of the sale. Until then, the homeowner will remain the legal owner of the home since the title has not yet transferred to a new owner.
Are There Ways To Avoid Foreclosure?
Homeowners may be able to negotiate a workout like a repayment plan, short sale, forbearance, or loan modification. Some other options include refinancing or filing for bankruptcy. These options are best to discuss with a foreclosure defense attorney since every case is different.
Do I Still Owe Money After A Foreclosure?
If the amount that the foreclosure sale proceeds falls short of the total mortgage debt following a foreclosure, the lender may go after the borrower for the deficiency. If you currently live in one of the many states that grant a deficiency judgment after a foreclosure, you can likely eliminate your liability by filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
I Think I Have a Foreclosure Defense, What Do I Do Now?
To determine if you have a defense to your foreclosure and how to raise the defense in court, consider talking to a qualified foreclosure defense attorney who can advise you on what to do in your particular situation. A skilled foreclosure attorney is often able to represent one or more different types of defenses.
Navigating foreclosure and eviction on your own can be daunting. Consult with an attorney who can provide you with more comprehensive information regarding your foreclosure case, and understand the process and explore all available options. Our foreclosure defense lawyers in Philadelphia, PA, will assist homeowners in gathering more information, guide them in making the right decisions, and avoid foreclosure scams.
Contact Tadross Law, the foreclosure defense attorneys who serve Bucks County, PA, today to learn more about your legal options.