Every year, homeowners across the US face the threat of losing their homes because of an inability to pay their mortgages. In Philadelphia alone, several thousand families face a similar prospect, usually to little fault of their own. The looming potential of foreclosure is usually due to unforeseen circumstances such as a loss of a job, medical expenses, and even a lack of education about how much a family can afford on a monthly basis when they buy a new house.
While foreclosure in Philadelphia can be a frightening thought, anyone confronting this type of situation should also know that they have different options to save their homes. With strategic planning, our experienced foreclosure bankruptcy attorneys may be able to save your home and help you eliminate other debts that are keeping you behind making your mortgage payments.
Foreclosure is a multi-step process where a bank reclaims a home because of missed payments, and it begins almost as soon as they fall behind on a mortgage payment. Most people are unable to pay for a home outright, so they carry a bank loan until they are able to pay off the home in full. Most banks and lending institutions offer different payment options, but they make their money on home loans because of the interest you ultimately end up paying them. If you fall behind on even one of your house payments, you begin receiving letters of delinquency from the bank informing you that if you don’t pay, they will begin the process of reclaiming and selling your home.
In Philadelphia, foreclosure consists of a pre-foreclosure, an auction, and a bank repossession. The pre-foreclosure process gives you enough time to get your affairs in order, which is why we recommend you consider talking with our foreclosure bankruptcy attorneys if you know you won’t be able to make up the payments.
‘Bankruptcy’ and ‘foreclosure’ are two terrible words no one wants to hear or consider, but declaring bankruptcy may just be able to save your home. Both will mean taking a big hit on your credit, but filing for bankruptcy can stop the foreclosure process, which means while your debts are decreased or wiped clean, you can also continue residing in your home. If nothing else, a bankruptcy will give you more time to sell your house and organize other finances.
A Philadelphia bankruptcy attorney can help stop foreclosures from happening simply by providing you with the right types of paperwork, submitting your claims with banks, and organizing all of your affairs on your behalf. We know the time-sensitive issue you are facing, and we will help you to make the best judgments regarding your bankruptcy declaration. Get in touch with our bankruptcy attorneys today to find out how we can help you.
Borrower misses first payment
Late notice sent
Collection calls begin
Notice of default
Act 91 notice sent
Judicial complaint filed
Contest foreclosure action
Judgment notice of sheriff’s sale
Sheriff’s Deed Recorded
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