Since 1923, the lawyers at Newman, Williams, Mishkin, Corveleyn, Wolfe & Fareri, P.C., have provided clients various options as part of or alternatives to bankruptcy filings. Continuing challenges in the housing market have resulted in not only an increase in foreclosures, but also misconceptions in the choices available to homeowners.
Helping Pennsylvania Residents Keep Their Homes Threatened By Foreclosure
Foreclosure defense can be a part of a Chapter 7 or Chapter 13 bankruptcy, or a proactive step to protect the rights of a homeowner. While some fall behind on their payments due to financial problems, other clients need more aggressive defenses when predatory lending practices lead to signed mortgage loan documents rife with mistakes and shortcuts.
Foreclosure defense provides a variety of options for homeowners, including:
- Mortgage modification
- Cash settlements
- Deed in lieu of foreclosure
- Waiving of a deficiency judgment
- Sale of their home
Homeowners should never assume that a foreclosure is valid and legal without consulting an attorney, even if a sheriff's sale is pending.
Foreclosure Defense As Part Of Chapter 7 And Chapter 13 Bankruptcy Filings
Filing Chapter 13 bankruptcy is a better option when a homeowner can make current mortgage payments. The past-due amounts on the loan can roll into the Chapter 13 plan with payments made over 36 to 60 months. A second mortgage becomes unsecured debt, particularly if the home is already "under water."
Compared to a Chapter 13 bankruptcy, foreclosure defense may be more appropriate for those unable to make timely payments. Essentially, the bank allows them to stay in their home to sell it at fair market value or coordinate a short sale.
Foreclosure defense can be effective within a Chapter 7 bankruptcy, particularly if equipment exists that can pay off other debts.
Contact A Stroudsburg Foreclosure Defense Attorney To Discuss Your Options
Contact our office today at 570-234-0344 or toll free at 800-506-0191 to discuss a possible foreclosure defense. Our attorneys can also be reached via email to schedule a free initial consultation. Office hours are between 9 a.m. and 5 p.m. Monday through Friday and by appointment at other times.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.