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.
When the court approves that, a letter of intent will be sent to you informing about the thirty day notice before forced foreclosure. This contains the intention of lender to accelerate the payment if the default is not cured within that timeframe. It means an immediate payment for the unpaid balance. Thus, you need to solve this situation immediately.
Curing pertains to paying the defaulted amount that you agreed upon on the contract with the lenders. When you finished curing, the loan will be active again and the house will remain in your keeping. You can ask the help of credit agencies that do credit counseling in order to solve the issue of payments.
Aside from that, the letter also includes the help that lenders can assist you with during the transition. It will explain your rights under Pennsylvanian state foreclosure law. It includes the rights to cure the default, reinstate the loan, and apply for financial assistance from Pennsylvanian programs. The assistance is known as HEMAP or Homeowners Emergency Mortgage Assistance Program and the application will be sent to Pennsylvania Housing Finance Agency.
You can also opt to apply at foreclosure diversion programs. However, only selected counties have implemented this. The Pennsylvanian state has yet to implement this statewide. Through this, you and the lender will have conciliation discussions on your situation and any disputes.
The benefits of participating in this diversion programs are several. One is that a solution comes up between the two of you that does not require foreclosure. This agreement will most likely be agreed by the lenders if the terms of the agreement have equal favorable intents. You might also get the consideration for loss mitigation during the mediation.
Lenders cannot do default judgments when you answer their notice. They are going to file for motion of summary judgment from the courts. Generally, the courts will side with the lenders due to their sufficient evidence and your lack thereof. Notice of sale is then sent which notifies you of the foreclosure sale. This will start after thirty days.
The house will be sold at the Sheriffs sale. Before it occurs, you are given another chance to cure the loan default for that period. You only have until an hour before the sale starts to do this. Once the foreclosure is closed and completed, you can no longer have the right of redemption. Moreover, the lender can file deficiency judgment against you for the deficiency amount within six months after the sale.
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.
When the court approves that, a letter of intent will be sent to you informing about the thirty day notice before forced foreclosure. This contains the intention of lender to accelerate the payment if the default is not cured within that timeframe. It means an immediate payment for the unpaid balance. Thus, you need to solve this situation immediately.
Curing pertains to paying the defaulted amount that you agreed upon on the contract with the lenders. When you finished curing, the loan will be active again and the house will remain in your keeping. You can ask the help of credit agencies that do credit counseling in order to solve the issue of payments.
Aside from that, the letter also includes the help that lenders can assist you with during the transition. It will explain your rights under Pennsylvanian state foreclosure law. It includes the rights to cure the default, reinstate the loan, and apply for financial assistance from Pennsylvanian programs. The assistance is known as HEMAP or Homeowners Emergency Mortgage Assistance Program and the application will be sent to Pennsylvania Housing Finance Agency.
You can also opt to apply at foreclosure diversion programs. However, only selected counties have implemented this. The Pennsylvanian state has yet to implement this statewide. Through this, you and the lender will have conciliation discussions on your situation and any disputes.
The benefits of participating in this diversion programs are several. One is that a solution comes up between the two of you that does not require foreclosure. This agreement will most likely be agreed by the lenders if the terms of the agreement have equal favorable intents. You might also get the consideration for loss mitigation during the mediation.
Lenders cannot do default judgments when you answer their notice. They are going to file for motion of summary judgment from the courts. Generally, the courts will side with the lenders due to their sufficient evidence and your lack thereof. Notice of sale is then sent which notifies you of the foreclosure sale. This will start after thirty days.
The house will be sold at the Sheriffs sale. Before it occurs, you are given another chance to cure the loan default for that period. You only have until an hour before the sale starts to do this. Once the foreclosure is closed and completed, you can no longer have the right of redemption. Moreover, the lender can file deficiency judgment against you for the deficiency amount within six months after the sale.
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