Are You at Risk of Philadelphia Mortgage Foreclosure?

Getting Philadelphia mortgage debt help in uncertain times

On any given day, it is hard to know where the housing market is going to be. According to a report from the Philadelphia Federal Reserve, the number of new housing construction permits dropped dramatically. The instability in the housing market and the significant drop in home prices has caused many to find themselves with an “underwater” mortgage and unable to sell their home for what they owe. For others, a job loss, divorce, medical emergency or unexpected repair bill has caused them to fall behind in their payments.

Do not wait until you have received notice of intent to foreclose to seek legal counsel

If you find yourself in this situation, you want answers. A Philadelphia mortgage debt attorney can discuss a number of options to help you keep your home, to preserve your equity, or to minimize the consequences of foreclosure. Options may include:

• Loan modifications
• Mortgage mediation
• Forbearance agreements
• Short sale
• Deed-in-lieu
• Bankruptcy

The longer you wait to seek help, the fewer your options may be. If you are behind, talk to your lender and get legal help. If you have been served with an intent to foreclose notice, you may have as little as 20 days to respond. It is important that you seek legal counsel immediately.

If you feel that predatory lending practices led you to foreclosure, contact an attorney. You may have the right to file a lawsuit against the lender, broker or other party who defrauded you.

Do not lose your home without a fight — contact a Philadelphia attorney for help

If you are unable to make your mortgage payments and need debt relief, debt reorganization or debt counseling, get the help you need. A Philadelphia attorney with experience in foreclosures and bankruptcy can explain your rights, your legal recourse and your options. To find a lawyer in your area, please fill out the online form or call 267-428-1386.