When you are falling behind with your mortgage payments and your home is facing foreclosure, you are surely in need of acting fast. If you are ready to let your property go, you need to mitigate the losses and avoid the responsibilities of the losses or the residual amount before the sale of your home. That is why you need to get in touch with the experienced Pittsburgh bankruptcy lawyer right away. At Pittsburgh Bankruptcy Law Group, we have handled many cases of foreclosure and got positive outcomes for our clients.The Mortgage Foreclosure Process in Pittsburgh
As the borrower when you will fall behind the payments for the mortgage, the foreclosure process begins. Once foreclosed, the property will be sold in the sheriff’s sale to the higher third party bidder of the lender itself.
When you as the borrower will fall behind the payments, after the next 60 days you will receive the pre-foreclosure notice with two parts:
- PA Act 6 Notice that will alert the mortgage borrower about the intention of the lender to foreclose on the property. This notice will reach the borrower after at least 60 days of nonpayment. After receiving this, the borrower will get a timeline of 30 days for clearing the defaults, paying the attorney fees and so on.
- Act 91 will notify the borrowers about the Homeowner’s Emergency Mortgage Assistance Program that can help them during this trying situation.
Once the borrower gets the notice, within 20 days of the deadline of payment the litigation will be filed. When asked, the borrower must answer the court for the foreclosure trials. If you or your lawyer doesn’t answer, then the trial will go for default judgment. You cannot risk that as that might not only result in foreclosure but will also make you pay more fees. For such an overwhelming situation, it is necessary that you talk to a Pittsburgh bankruptcy lawyer right away.How Bankruptcy Can Delay the Foreclosure or Prevent It
A foreclosure can be an overwhelming as well as a frightening situation if that is what happens to you and your family. In a situation like this, we, Pittsburgh Law Group can help you with the same-day filing so that you can prevent the foreclosure or at least delay it.
If you are behind with your mortgage payments and looking for a way to catch up with the mortgage arrears, filing for Chapter 13 bankruptcy will be a good option as it can help you delay the foreclosure ad buy you enough time for getting on the right track with the reorganization plan.
If you file chapter 7 bankruptcy, you will get an automatic stay for 60 days. This short time can be used if you are getting to talk to your lender and negotiate the mortgage so that once you get the discharge, you can take care of it. Also, having your unsecured debts discharged, you will get a fresh start and end up in a better position for paying the mortgage regularly.
For more details on this, come to us at Pittsburgh Bankruptcy Law Group. Our Pittsburgh bankruptcy lawyer is here to help you.