A person needs a home. For that to happen, you buy a house with the help of financing plans from financing institutions or lenders. You need to pay it regularly per month though. Otherwise, lenders will foreclose it leading you to have foreclosure defense PA attorneys.
Foreclosing the house is similar to repossessing the car. They are similar in the aspect of full ownership wherein you cannot fully be recognized as owner while the loan is still there. Be careful though because the lenders still retains the right to foreclose it. When they do, it becomes the collateral to pay off the loan. To start with, the courts need to receive their formal complaints first.
Once the court approves, the lender will send you the letter of intent which will signal the start of the notice period of thirty days. This letter contains their intent in accelerating the payment if you cannot cure the default within that period. Meaning, the unpaid balance will be immediately due. If you do not want the foreclosure to happen, you need to act immediately.
Curing the default means paying the agreed amount on the negotiated contract. If you can do this, not only can you keep the house, you also keep the loan active until its full payment. You can prevent the foreclosure if you talk to a consumer credit counseling agency to help you find ways to resolve the payments.
In addition, the letter also contains the assistance they can lend you while the transition is going on. Your rights will be explained as well under the foreclosure law of Pennsylvania. These rights include reinstatement of loan, applying with Pennsylvanian programs for financial assistance, and curing defaults. It is commonly known by the name HEMAP which means Homeowners Emergency Mortgage Assistance Program. You can send the application at Pennsylvania Housing Finance Agency.
Foreclosure diversion programs are also an option to apply to. Do note that the state has yet to start availing this statewide. Instead, only certain counties have these programs in their financial assistance roster. The programs will let the both of you to discuss the situation you are in, as well as voicing out any disputes. Hence, conciliation occurs.
Participating in any of these diversion programs will earn you several benefits. One of those is the non foreclosure solution you two come up with. It will make the lender agree if the terms have equal favors between you. Loss mitigation might even be considered by you during the discussions.
When you answer the notice, default judgment cannot be applied by the lender. It will be taken to the court to ask for a motion for summary judgment. In most cases, the court will favor the lender due to the lack of your defense. A notice of sale will then be passed giving the both of you time to have thirty days before the start of the sale.
Sheriffs sale is the place where the house will be sold. In the month long period, you are allowed to cure defaults on your loan. You can do so until one hour before it starts on the day of sale. When it is completed and closed, the right of redemption is no longer applicable. After the sale, lenders have until six months to file deficiency judgment against you in order to recover the deficiency amount.
Foreclosing the house is similar to repossessing the car. They are similar in the aspect of full ownership wherein you cannot fully be recognized as owner while the loan is still there. Be careful though because the lenders still retains the right to foreclose it. When they do, it becomes the collateral to pay off the loan. To start with, the courts need to receive their formal complaints first.
Once the court approves, the lender will send you the letter of intent which will signal the start of the notice period of thirty days. This letter contains their intent in accelerating the payment if you cannot cure the default within that period. Meaning, the unpaid balance will be immediately due. If you do not want the foreclosure to happen, you need to act immediately.
Curing the default means paying the agreed amount on the negotiated contract. If you can do this, not only can you keep the house, you also keep the loan active until its full payment. You can prevent the foreclosure if you talk to a consumer credit counseling agency to help you find ways to resolve the payments.
In addition, the letter also contains the assistance they can lend you while the transition is going on. Your rights will be explained as well under the foreclosure law of Pennsylvania. These rights include reinstatement of loan, applying with Pennsylvanian programs for financial assistance, and curing defaults. It is commonly known by the name HEMAP which means Homeowners Emergency Mortgage Assistance Program. You can send the application at Pennsylvania Housing Finance Agency.
Foreclosure diversion programs are also an option to apply to. Do note that the state has yet to start availing this statewide. Instead, only certain counties have these programs in their financial assistance roster. The programs will let the both of you to discuss the situation you are in, as well as voicing out any disputes. Hence, conciliation occurs.
Participating in any of these diversion programs will earn you several benefits. One of those is the non foreclosure solution you two come up with. It will make the lender agree if the terms have equal favors between you. Loss mitigation might even be considered by you during the discussions.
When you answer the notice, default judgment cannot be applied by the lender. It will be taken to the court to ask for a motion for summary judgment. In most cases, the court will favor the lender due to the lack of your defense. A notice of sale will then be passed giving the both of you time to have thirty days before the start of the sale.
Sheriffs sale is the place where the house will be sold. In the month long period, you are allowed to cure defaults on your loan. You can do so until one hour before it starts on the day of sale. When it is completed and closed, the right of redemption is no longer applicable. After the sale, lenders have until six months to file deficiency judgment against you in order to recover the deficiency amount.
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