Mortgage Foreclosure Defense in Pennsylvania
Attorneys helping you avoid foreclosure
When you are unable to meet your mortgage payments and face foreclosure, do not give up hope — and do not assume that bankruptcy is necessary. Harold Shepley & Associates, LLC may help you keep your home and help you avoid filing for bankruptcy by negotiating a mortgage foreclosure defense, deed in lieu or short sale. The process is complicated, and you need experienced lawyers to work with your lender on your behalf. If you request a modification on your own, you will almost certainly be denied — and you will also come to the attention of the bank's foreclosures department. Let our attorneys represent you in negotiations to modify the terms of your mortgage and keep you out of foreclosure.
Determining whether you are a candidate for mortgage foreclosure defense
Your lender wants to know that your income falls within an acceptable range to justify a mortgage foreclosure defense. If you earn too little, the bank may be concerned that you cannot pay even at a modified rate. But if you earn too much, they will see no reason why you should not be able to pay your current mortgage payment.
We help show your bank that your actual income level is neither too low to achieve a modified mortgage payment nor too high for you to deserve consideration. If your lender demands evidence of your financial hardship, we make a compelling case for your genuine need.
Setting an affordable mortgage payment
Most banks determine an affordable monthly payment as a percentage of your monthly gross income. This percentage may be anywhere from 31 to 41 percent. Whatever number is agreed upon, the bank must then decide whether the reduction in your monthly payment will be achieved by:
- Lowering your interest rate
- Agreeing to accept less than the principal balance of the loan
- Moving your deficiency balance to the end of the loan
If you are only offered a reduced interested rate, the term of your loan may be extended to allow you to pay the full principal.
Deed in lieu of foreclosure/short sale
Another way that many families are avoiding bankruptcy is by a deed in lieu of foreclosure or a short sale. Our firm can help you surrender your home without owing any additional funds to your lender. And even better, we may also get your lender to pay your moving expenses as well.
Prevent foreclosure and avoid bankruptcy through mortgage foreclosure defense
The Pennsylvania bankruptcy attorneys at Harold Shepley & Associates, LLC know how to negotiate with your lender to achieve a workable solution to your mortgage payment problems. Contact us at (877) 553-3389 for a free consultation about your mortgage foreclosure defense. We can help save your home and keep you out of bankruptcy.