Chester County foreclosure lawyer Michael T. Malarick helps the Chester County community and citizens save their home from a foreclosure. Foreclosure attorney Michael T. Malarick is a licensed attorney in the states of Pennsylvania and New Jersey with over 30 years of experience. The Malarick Law Firm can help you stop a sheriff’s sale or stop a home foreclosure in Chester County, PA. Click-to-call 610-816-6683 today for a free initial foreclosure consultation.
Chester County Foreclosure Lawyers: How To Stop A Home Foreclosure in Chester Count,PA
In Chester County, and every other county in PA, a home foreclosure, if not addressed, will eventually result in a Sheriff’s sale of your home. In Chester County, Sheriff’s sales occur on the third Thursday of each month from January to November. There is no sheriff’s sale in the month of December. Call our home foreclosure lawyers in Chester County, PA today for a free initial consultation.
In PA, home foreclosures are obtained through the courts. This means that you will get notice and time to cure the arrearages of your mortgage, that is, make your mortgage current. The Consumer Financial Protection Bureau’s 120-day Rule indicates that the mortgage company can not issue their first notice of foreclosure until the mortgage is more than 120 days pass-due.
The first notice in PA will be the Act 6 Notice of Intent to Foreclose. This Notice of Intent is sent 30-days before a foreclosure action is started. An Act 91 Notice will also be sent at this time. This notice informs home owners of their rights in foreclosure and of available mortgage assistance.
Do not ignore the Notice of Intent to Foreclose. Call our Chester County home foreclosure lawyers today for help stopping a foreclosure or sheriff’s sale. You may be able to avoid the foreclosure lawsuit by one of the following means:
- Pre-Foreclosure Forbearance;
- Loan Modification; or
- Short Sale.
Chester County Foreclosure Defense Attorney: What Is Pre-Foreclosure Forbearance?
In a pre-foreclosure forbearance, the mortgage company and you agree to reduce or suspend your mortgage payments for a short time, usually 3-4 months. This forbearance may be an option if you are experiencing a temporary financial hardship and have missed or on the verge of missing a payment. Your suspended or reduced payment will be tacked onto the end of your mortgage. Our foreclosure defense attorney is here to help if you are facing a home foreclosure in Chester County, Pennsylvania.
What Is A Loan Modification?
A loan modification will change the terms of your mortgage if you are facing a financial hardship. The mortgage company may lower your interest rate, extend the length of your mortgage, or place your pass-due amounts in a balloon payment at the end of your mortgage. Typically, there will be a3 month trial period to assure that you can meet the new terms of your mortgage. A loan modification can be offered even if you are in foreclosure and face a Sheriff’s sale.
What Is A Short Sale?
In a short sale, you sell your home for less than what is owed on the mortgage. You must have your mortgage company’s consent for the short sale as they will not recover the full amount of their loan. A short sale will reduce the stress you face maintaining a burdensome mortgage. However, you will not receive any cash out of the sale and you may face a tax bill on the amount of the forgiven debt.
Will Bankruptcy Stop A Foreclosure In Chester County, PA?
Yes, bankruptcy, either a Chapter 7 or a Chapter 13, will stop foreclosure and a Sheriff’s sale. Pursuant to the “automatic stay” provision of the bankruptcy code, no action can be taken against a debtor unless the automatic stay has been lifted. Generally, if you want to get out from under your mortgage obligation, you would consider a Chapter 7 petition. However, if you want to stop the foreclosure or sheriff’s sale and keep your home, you would file a Chapter 13 petition. In a Chapter 13 bankruptcy petition, you propose a plan to catch up on your pass due mortgage payments over the course of 3 to 5 years. Also, while you are in bankruptcy, a loan modification application may be processed and confirmed. This may help you get out from bankruptcy with your mortgage status as current.
Contact Our Chester County Foreclosure Lawyers
If you are facing a Sheriff’s sale or home foreclosure in Chester County, PA, call our Chester County foreclosure lawyers today for a free initial consultation. Our foreclosure defense attorney will help you by explaining the situation.
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