For those residing in the state of Pennsylvania, the foreclosure process begins after the borrower is at least 60 days late on their mortgage payments. After receiving the first foreclosure notice, the borrower has approximately two to four months to stop the situation. Using the experience of a Chapter 13 bankruptcy attorney in Philadelphia, such as William D. Schroeder, Jr., can help you ensure that the foreclosure process is halted and your home is kept safe.
How Long Does It Take?
The length of the foreclosure process will all depend not only on the schedule of the court but upon the knowledge and experience of your attorney. On average, the process is approximately 120 days for an uncontested foreclosure; if the borrower contests the foreclosure, files for bankruptcy or seeks adjournments then the process will be much longer. Keep in mind that as a borrower, you have only 20 days to file an answer to a foreclosure complaint. Failing to do so will result in a default claim being entered.
Lawsuits in the Foreclosure Process
If the borrower cannot find a valid solution to halt the foreclosure process, the lender will file a lawsuit against them to make them pay the amount due. The court process that follows this lawsuit is referred to as a judicial foreclosure proceeding and the final judgment is determined by the court. After the judgment is entered, the property will be put on the market as a publicly noticed sheriff sale.
What Happens After Foreclosure?
Unlike several other states, in the state of Pennsylvania there is no right to redemption once a house is sold at sheriff sale. , This means when the sheriffs’ hammer comes down, you have lost your home completely. Furthermore, the state also allows for deficiency judgments, meaning that the borrower pays the difference between what the property is sold for at auction and what they owed on the original loan. This makes it more important to hire a reliable Chapter 13 bankruptcy attorney in Philadelphia from our firm and prevent the foreclosure of your home from proceeding.
There are many time-proven legal techniques that are very effective against the foreclosure process and our attorney is familiar with them. Our foreclosure defense services can help you take control of the situation and prevent your home from being lost, all the while providing you with the information that you need to make an informed decision.
Finding a Chapter 13 bankruptcy attorney in Philadelphia may seem tough, but William D. Schroeder, Jr. has experience to help you prevent the foreclosure process and save your home. For more information or further questions, give us a call at (215) 822-2728 and we can help you determine the next steps to take.