Philadelphia Foreclosure Lawyer
Foreclosure can be a devastating event in a family’s life. Losing one’s residence can mean losing friends, neighbors, classmates, and a sense of stability in life. Obviously, foreclosure is also financially devastating. You can lose the most valuable asset that you own. Moreover, deficiency judgments can haunt you long after you have been evicted from your home.
The Foreclosure Attorneys in Philadelphia at The Law Office of Greg Prosmushkin, P.C. understand what you and your family are going through. Unfortunately, foreclosure is all too common nowadays. However, as foreclosures have seen record highs, borrowers also have an unprecedented number of options available to them.
Our foreclosure defense lawyers will take you through all your options from Pre-Foreclosure Loan Modifications and workouts to foreclosure defenses. We will also review your options in bankruptcy and subsequent credit repair. Moreover, there are Pennsylvania-specific programs that may assist you if you were part of a large plant closing, or were recently laid-off. All you need is an experienced Foreclosure Defense Lawyer in Philadelphia to guide you through your options.
When Default Occurs
Signing up for a mortgage is an inherently risky proposition for two reasons. First, a debtor must be current on all mortgage payments in order to avoid the possibility of foreclosure. Failure to make even one single payment, or making that payment a day late, causes a technical default. This bears repeating. Contrary to what many believe, if a borrower misses a single mortgage payment, even by one day, that borrower is now in default. A bank can accelerate the mortgage, and demand that the full balance be paid.
Once you miss a payment, a lender has the right to accelerate the mortgage. That is, once you miss a payment, the only way to avoid foreclosure, technically, is to pay the entire amount of the mortgage. Homeowners generally don’t have $100,000.00 laying around, so, for a young mortgage, missing a payment can be devastating. Between the strict rules of default and acceleration of debt, borrowers must effectively have a stable source of income, or significant savings, to make a mortgage payment for some thirty years. In today’s economy, jobs don’t last thirty years anymore, and savings are hard to come by.
Defenses to Default
Let us comb over your mortgage, deed, and complaint to analyze your options. We will discuss with you your right to cure your default prior to the foreclosure proceeding, the right to redemption, and we will analyze whether there was a proper mortgage executed, whether the lender has engaged in misconduct, and whether the foreclosure action has complied with proper court procedures. For example, we will look at whether service of the complaint was properly and timely executed, whether the foreclosure was properly advertised, and whether you were given an opportunity to engage in loss mitigation.
Defenses to default of a mortgage vary, depending on the type of mortgage you entered into. Our foreclosure defense lawyers will combo over the documents you executed and perform an extensive title search to assess your chain of title. Generally speaking, the more predatory a mortgage, the easier it is to defend against foreclosure. For example, Adjustable Interest Rate Mortgages (or “ARM’s”) are subject to significant restrictions both with respect to how much interest a lender can charge, and how often the interest rate can change. Your lender is required to list warnings and explanations in the mortgage document, and also offer a mortgage with an interest rate that does not vary. Moreover, recent federal regulations such as the Truth in Lending Act provide additional protections to borrowers. If you are in foreclosure proceedings on an Adjustable Interest Rate Mortgage or a Variable Rate of Interest Mortgage, call our offices to discuss your options.
Speak to Our Foreclosure Defense Lawyer in Philadelphia
If you have every attempted to work out a mortgage on your own, then you probably know how banks behave. They have byzantine automated call systems, many leading to dead ends. That is not an accident. Banks do not have an incentive to help homeowners, they will often pass your requests from one department to another without giving you a straight answer. We have experience dealing with reluctant banks, and we know how to get results. Don’t take up this fight alone. Let us help you and your family keep the home you have worked so hard to protect.
This content was written on behalf of Greg Prosmushkin.