By: Pedro Ribeiro Simões Pennsylvania 2 Step In Pennsylvania, the foreclosure process can move very quickly without effective legal aid. Within a short amount of time, you can be dealt a harsh blow to your living situation and long-term financial outlook. But you aren’t defenseless. There are legal countermeasures you can employ to slow proceedings. Exercising these rights can give you more time to formulate a long-term financial plan. Legal Strategy – Allege Procedural Defenses A procedural defense points out a mistake the lender has made during the foreclosure process. Lenders may be wrong in any number of areas, particularly
How to Save Your Home from Foreclosure Please tune into the Hope Matters Radio Show this weekend with James Hope on Saturday, August 2nd at 10.00 AM. Ways to Listen to Hope Matters Radio Radio: 990 AM WNTP Website: Hope Matters Radio Show iTunes Audio Podcast Mobile App: tunein Defensive Strategies to Save Your Home Make sure you’re doing everything possible to prevent losing your home to the bank. Step 1. Arrange a meeting with your lender as soon as you realize you’re having problems making your monthly mortgage payments. Discuss repayment plans that will allow you to stay
Foreclosure No word strikes greater fear in a homeowner’s heart than foreclosure. More and more people are behind on their mortgage payments or are about to be. According to RealtyTrac, there are more than one million U.S. homeowners in some stage of foreclosure as of June, 2014. The foreclosure rate in Pennsylvania is 1 in every 1,244 homes, although the Top 4 counties have substantially higher foreclosure rates: Monroe County – 1 in every 333 Northhampton County – 1 in every 408 Delaware County – 1 in every 681 Philadelphia County – 1 in every 805 Reviewing the current stat’s
The bankruptcy case terminates your legal liability on the secured debt as in a car loan or house loan but it does not remove the lien that was posted against the property when the loan was given. This is a difficult legal concept for many people to understand. A bankruptcy wipes out unsecured debt, any debt that is not a loan against a tangible asset, as in a car or house. A bankruptcy discharge bars future enforcement of the debtor’s pre-petition, personal obligations on the debtor’s property; liens however generally survive bankruptcy and can be enforced after the bankruptcy ends.
Short Sale helps you obtain a new mortgage loan A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 7 years with some exceptions based on extenuating circumstances. A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage within 2 years! Short Sale helps you obtain a new investment loan An Investor who loses a home to foreclosure is ineligible for a Fannie Mae Backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. An Investor who
Pennsylvania law requires all banks to provide the home owner with a notice of default before a foreclosure action can be filed. Act 6 requires banks to send a notice of default 30 days prior to filing a mortgage foreclosure complaint. Act 6 only applies to home owners whose mortgage balance is less than $221,540.00. Another Pennsylvania law referred to as Act 91 also requires banks to send home owners information on Pennsylvania Homeowner’s Emergency Assistance Program (HEMAP). The Pennsylvania Housing Finance Agency (PHFA) administers the HEMAP program which provides home owners with cash assistance to cure the late payments on their mortgage.
Some homeowners will find that the best option in their circumstances is to refinance at a better rate and pay off their old loan. Although this is not a option for everyone, it should be on the ‘table’ as an alternative option. Recent legislation in Congress established the Hope for Homeowners Program, effective October 1, 2008. This program authorizes the Federal Housing Administration (FHA) to insure up to $300 billion worth of refinanced loans. That means homeowners can modify their variable and teaser rate mortgages into lower interest, fixed rate 30 year mortgages. It is estimated that this program should