If you have defaulted on your mortgage payments, it can generally take 90-120 days for a lender to foreclosure on your property if you fail to meet their financial demands. However, before your lender can take this form of legal action, they must provide you with notice allowing you the opportunity to satisfy this debt first. The notice your lender is required to provide shall be the following form: Notice of Intention to Foreclose Mortgage. If you have recently neglected to pay your mortgage and have received this notice, it is important to understand that you may still be able to keep your home, but you may need some help to get this accomplished.
Learning that your home may be taken away is not only stressful, but overwhelming. You probably are concerned with how you are going to come up with the money to pay this debt or where you are going to live in the event you can’t. But, just because you received this notice doesn’t exactly mean you are ultimately going to lose your home to your lender. You have options and the Pennsylvania foreclosure lawyers found on USAttorneys.com are able to provide you with those options and help get this issue resolved.
Many individuals are faced with a financial hardship and risk losing their home to foreclosure so you aren’t alone. Some reasons why people lose their home to foreclosure include:
- Poor money management
- Death in the family
- Legal issues
- Loss of income
What are Some of My Options to Avoid Foreclosure?
Having a PA foreclosure attorney sit down and explain this to you if by far the most beneficial action you can take, however, below are just a few brief examples from usa.gov explaining what you can do to avoid having your home foreclosed on.
- Be sure to communicate with your lender. If you stop making payments and ignore their requests for payment, it only makes the situation look worse than what it may actually be. If you recently lost a loved one or had a career change, this should be communicated with your lender and they might be able to work out some sort of agreement to help get you back on track.
Something to keep in mind is that once you receive that notice of intention form from your lender, you have 30 days to submit payment. If you fail to submit the amount owed, your lender is more than likely going to have their attorneys begin a lawsuit to foreclose on your mortgaged property.
If you have waited beyond the 30 days but wish to still try and work something out with your lender, your best bet is to hire a Pennsylvania foreclosure lawyer who can help convey this to them in the best way possible. Attorneys are skilled in making arrangements and negotiating so you shouldn’t have an issue if you hire a legal representative through USAttorneys.
- Seek help from anyone you can. The Making Home Affordable (MHA) program provides free counselors who will solicit some advice and assistance in keeping your home. While these types of programs can provide you with additional help, remember, they cannot represent you if your lender attempts to pursue with legal action.
If you are ready to have all your foreclosure questions answered and find some sort of relief, give us a call now and allow us to connect you with one of the top foreclosure lawyers in the state of Pennsylvania free of charge.