Mortgage Foreclosure Defense

Pennsylvania Mortgage Foreclosure Defense Lawyer

Even though your home is perhaps the biggest investment of your life, it is much more than that. It is the place where you stay with your family and create memories. That is why when you are falling behind your mortgage payment and you are about to lose your home, it can be very stressful for you and your family. It will not only leave an impact on you emotionally but also financially. The good news is, you can prevent this from happening by filing bankruptcy. Our Pittsburgh bankruptcy lawyer can help you with that.

Can Bankruptcy Stop Foreclosure in Pennsylvania?

When you are dealing with your bad finances and facing foreclosure, filing for bankruptcy can help you a lot. While chapter 7 can save your home effectively, chapter 13 can help you delay the foreclosure.

Home Foreclosure Chapter 13

When it comes to stopping a foreclosure, chapter 13 is the best option for any debtor. With this, you get a chance to catch up with your mortgage arrears. When you are filing for Chapter 13 bankruptcy, your Pittsburgh bankruptcy lawyer will propose a plan. The lender will file a proof of claim that will include the past history of your mortgage payment and the breakdown of what you owe. After carefully reviewing it, we can file an objection in case of discrepancies. Often the amount you owe might include abusive fees which our lawyer will try to get waived off.

However, before filing, you need to consider if you have enough disposable income to go for the repayment plan given by the court. Otherwise, chapter 7 will be the best option for you.

Home Foreclosure Chapter 7

With chapter 7 bankruptcy, your assets will be liquidated for paying off your debts by the court-appointed trustees. While your home might be at risk for that, you can save that with state and federal exemptions. While chapter 7 cannot effectively help you avoid foreclosure, you can get it delayed with the help of an automatic stay. During this time, your creditor cannot harass you for payment or proceed with the foreclosure.

Though the lender can file the motion to keep the property out of the protection of automatic stay, you can come to an agreement with the lenders as in the future your unsecured debts will be gone and you will be in a position to pay the mortgage regularly.

Other Way of Prevent Foreclosure on Your Home
  • A mortgage modification can be helpful in a situation like that. If you are filing for chapter 7, your unsecured debts will be gone and you will be in a better position for taking care of the monthly mortgage payment. Our Pittsburgh bankruptcy lawyer can aggressively negotiate with your lender for this.
  • If you need time for creating a better plan, you can go for a forbearance agreement that will buy you a time of six months.
  • If these previous two options don’t work for you, you can opt for a short sale agreement where the lender will agree in getting the lower amount than the actual mortgage amount.
  • If you are a victim of institutional mistakes or unscrupulous conduct from your lender, then it can be used as your defense for preventing foreclosure. In such circumstances, the debtor pays the money whereas the lender says otherwise.

Come to Pittsburgh Bankruptcy Law Group for getting sound legal advice for dealing with foreclosure on your property.

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