How Do You Stop Foreclosure?
If you are about to lose your home, you need help - and fast. At Tadross Law, our foreclosure defense lawyers can guide you through everything you need to know about halting a home foreclosure.
If you are falling behind on your mortgage payments, the dreaded day may come when you receive a notice of foreclosure from your mortgage lender in the mail. This can be an incredibly stressful and devastating experience. Rather than panicking, though--and certainly rather than ignoring the notice altogether--you should immediately call a foreclosure defense lawyer. Here is an overview of some options that you can help you to avoid or stop a foreclosure:
Consider a Loan Modification
Depending on your situation, it may not be too late to talk to your lender about a loan modification. In many cases, lenders are more than willing to modify the loan if it means that they will get paid - it is expensive and time-consuming for a lender to pursue a foreclosure. Through a loan modification, you may be able to adjust the terms of your loan so that your monthly payments are less or the type of loan is changed. This is a win-win situation for both parties, as the lender will be able to recoup payment and you will be able to make your loan payments and therefore keep your home. If you have fallen behind on payments or think that you will fall behind on payments in the near future, a loan modification is something you should consider sooner rather than later.
File for Bankruptcy
Another option for halting the foreclosure process, but not necessarily keeping your home, is filing for bankruptcy. When you file for bankruptcy, the automatic stay will be triggered, regardless of whether you file for a Chapter 7 or Chapter 13 bankruptcy. The automatic stay is a hold on any proceedings against you to collect debt. All creditors, including your mortgage lender, will be barred from attempting to collect on debt while the bankruptcy is in process.
File a Lawsuit
A third option for stopping a foreclosure is to file a lawsuit against your lender challenging the foreclosure (note, this is only possible in nonjudicial foreclosures where the foreclosure is being completed outside of the court system). Even if the foreclosure is a judicial foreclosure, though, you can still fight against the foreclosure by attempting to prove that the lender does not have evidence that it owns the promissory note; that the lender violated a state law related to the foreclosure proceeding; that the lender failed to follow the correct process of foreclosure, such as sending you a foreclosure notice; or that some other error was made, such as the lender accidentally applying your payments to another account.
Get Help from a Skilled Foreclosure Attorney
If you are facing foreclosure, do not wait any longer to take action. Call the skilled and passionate Pennsylvania foreclosure defense lawyers at the office of Tadross Law today for your consultation. Our attorneys will review your case and get started on defending you immediately. Call (267) 296-9300 now.