Colmar Foreclosure Defense Attorney Protects Your Home
Dedicated consumer protection lawyer offers effective assistance
Although the worst days of the housing crisis are behind us, many homeowners in Bucks County and Montgomery County are still struggling to hold on. If you fall behind on your mortgage payments, the bank can use the process of foreclosure to force the sale of your home to recover what you owe. If you are in default and facing foreclosure, there are options that may keep you in your home. At the Law Office of David Kennedy Bifulco, P.C., I provide sound guidance and effective strategies to stave off foreclosure, protect your investment and prevent a major disruption in the life of your family. Even if you intend to walk away from the home, I can help minimize the impact of this decision on your financial future.
Lansdale-Colmar, PA lawyer shows ways to avoid foreclosure
If you want to keep your home, I may be able to help you avoid foreclosure altogether or stop the foreclosure process once it has begun. Your options may include:
- Making Home Affordable program — The federal government has programs that provide loan modifications, refinancing, and other help.
- Loan workouts — I may be able to negotiate a workout directly with your bank. This might mean lowering your payments, getting a forbearance (a temporary break in payments), or entering into a repayment plan to catch up on back payments.
These options require you to submit detailed financial information and documents. I know what information the banks and government programs need, can negotiate with the banks, and can explain the benefits and drawbacks of the various options available to you.
Options if you want to leave your home
Sometimes it makes financial sense for you to cut your losses and leave your home. For instance, if you owe more on the loan than your home is worth, continuing to struggle with a burdensome mortgage makes little sense. However, if you just stand by and let the foreclosure happen, you could be liable for deficiencies if the foreclosure sale price does not cover what you still owe.
I may be able to help you get free of your obligations in two ways:
- Short sale — Under this arrangement, the bank agrees to a sale price that is less than what you owe. After the sale goes through, you owe nothing on your mortgage.
- Deed in lieu of foreclosure — Here, you give the home back to the bank to stop the foreclosure. The bank immediately releases you from all obligations under your mortgage.
Both of these options have a much less negative impact on your credit rating than a foreclosure would.
However, to get the greatest benefit from either of these options, you need sound advice and a strong advocate safeguarding your interests. Short sales, in particular, involve many players — real estate agents, third-party buyers, and the lender — and none of them have your concerns in mind. I am vigilant about protecting your rights in short sales and deeds in lieu and can handle all paperwork involved.
Defenses that stop foreclosure once it’s started
In some situations, you may have a defense to the foreclosure. For example, the foreclosing party may not be able to prove that it owns the debt, or it might have failed to follow state foreclosure procedures. I investigate any defenses that may be available to you and present them to a court of law to ensure that your rights are preserved and protected. If Chapter 13 bankruptcy is appropriate for your total circumstances, a bankruptcy filing can halt a foreclosure procedure as well.
Who is suing me?
Not all Bank foreclosure firms are the same. Knowing the foreclosure firm that has been hired by your lender is essential to getting the best possible outcome for you and your family. In the Delaware Valley the main foreclosure law firms for lenders are: Phelan Hallinan Diamond & Jones, PLLC – McCabe, Weisberg & Conway, LLC – Milstead & Associates, LLC – Manley Deas Kochalski, LLC – Hladik, Onorato & Federman, LLP – Martha E. Von Rosenstiel, PC.
Contact a knowledgeable Pennsylvania attorney for foreclosure defense
If your mortgage lender has threatened you with foreclosure, you have options that could allow you to keep your home or at least mitigate your losses. David Kennedy Bifulco, P.C., represents individuals and families in a wide range of foreclosure-related issues. Call me at 610-676-0650 or contact me online to schedule a free initial consultation. My office is conveniently located at the intersection of Route 309 and Advance Lane in Lansdale-Colmar, Hatfield Township, PA. Parking is available, and most major credit cards are accepted.