Stop Pennsylvania Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Pennsylvania Foreclosure Process |
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If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here.
The Process
Pennsylvania's judicial foreclosure is not easy for
lenders. All actions to foreclose, accelerate or take possession are stayed
until the borrower is sent an "Act 91" notice giving the borrower 30 days to
meet the lender or a consumer credit agency listed on the notice.
Starting from the day of the first meeting, the borrower
has another 30 days delay to try and resolve the problem by restructuring loan
payments. Otherwise, the borrower can apply for a Homeowner's Emergency
Mortgage Assistance Program Loan and gain an extra 60-day delay on foreclosure
to process the application. If the borrower has had good residential credit for
the past 5 years, is 60 days delinquent and has a reasonable prospect of
resuming loan payments in full within 36 months, then the borrower should be
approved. If the loan is disapproved, or no meetings took place after the first
30 days, the lender may foreclose.
Reimbursement
Under "Act 6," which applies to home loans under
$50,000, the borrower must be sent a 30-day notice of the foreclosure, during
which time attorney's fees are limited to $50. Also, the borrower may pay the
past due payments and stop the foreclosure up to one hour before the bidding at
the sheriff's sale and may do this up to three times in a calendar year.
The Foreclosure Lawsuit
The foreclosure complaint (lawsuit) must be filed and
served on the borrower. It must describe the property to be foreclosed on. It
must state the names of the borrower and the lender, the itemized amounts due,
the fact that the mortgage is in default and a demand for judgment. Although
the lender may state more than one reason to foreclose, the lender may not sue
to collect the money owed on the loan in addition to the suit to force the sale
of the property by foreclosure. The defendant may file a counterclaim against
the lender. The lawsuit however, must be tried before a judge, without a jury.
If the court orders foreclosure, then at least 30 days before foreclosure the
sheriff must give notice by putting a handbill on the property, serving a copy
on the borrower and advertising the property for sale for three consecutive
weeks. The sale takes place a month or two after the court's order.
Redemption
There is no right of redemption after the sale.
Deficiency
Pennsylvania passed the Pennsylvania Deficiency Judgment
Act. The lender may file a lawsuit to collect on the promissory note signed by
the borrower within six months of foreclosure. This lawsuit must be separate
from the foreclosure lawsuit. The borrower has the right to force the lender
to-credit the fair market value of the property sold at the foreclosure sale
against what is owed on the note. The suit must be filed within six months
after the foreclosure. |
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