The entire nation is experiencing the sting of unemployment and upside-down mortgages and in effect, millions of Americans are being forced to move out of their family home when they lose it to foreclosure. When borrowers are behind on their payments, if they choose to do nothing, they will inevitably lose their home to foreclosure; however, if they decide to hire an attorney, their chances of remaining in their home greatly increase.
Today, the unemployment rate in Pennsylvania has leveled off around 8.3%, which ripples into the mortgage industry. For obvious reasons, when people are out of work, they cannot afford to pay their mortgage. According to RealtyTrac, one in every 611 U.S. housing units had a foreclosure filing during the month of July and in the state of Pennsylvania, 1 in every 1,525 housing units received a foreclosure filing in October of this year with the highest concentration being in Philadelphia, with Allegheny following in second and Bucks following in third according to RealtyTrac professional home & mortgage loan officers philadelphia .
If you are feeling nervous about an impending Pennsylvania foreclosure or if you have already received a notice from our lender, you are probably feeling very frustrated and confused right about now. First off, the lender typically won’t begin foreclosure proceedings until the borrower is at least 60 days past due on their mortgage payments. Once the lender decides to move forward with foreclosure action, they will send the borrower two notices of their intention to foreclose on the property, which they will then have approximately 2 to 4 months to fight the foreclosure proceedings.
If the borrower continues to be delinquent on their payments and if they fail to contest the foreclosure, then it will take around 120 days for the foreclosure proceedings to effectuate. Once the court which has jurisdiction issues a final judgment of the foreclosure, the property will then be auctioned off by the county sheriff.
Although the situation may seem grander than life and more than you can handle, there are decisive and effective actions that you can take to fight the foreclosure proceedings against your home. An experienced lawyer will have a well-rounded knowledge of the applicable foreclosure defenses, as well as the foreclosure timeline that must be adhered to in order to have a successful resolution. Some common foreclosure defenses include the following: