One of our main practice areas is mortgage foreclosure defense. In mortgage foreclosure defense we actually utilize three different areas. The first area would be a Chapter 13 Bankruptcy, which imputes the automatic stay and therefore stops immediately, the foreclosure and gives the filer three to five years to repay what they are behind.
The other legal strategy that we employ would be State Court litigation. So if somebody has what’s known as a meritorious defense to the foreclosure such as they were in a trial modification where they made a payment but the payment wasn’t applied or they had a deal with the mortgage company but the mortgage company still moved forward with the foreclosure, there may be a meritorious defense that can help the homeowner stay in their home.
The third factor would be mortgage modifications. So, mortgage modifications are actually applying to the mortgage company and applying for a change in mortgage terms, meaning, whatever the borrower’s behind they actually put those arrears into a modified mortgage. Which generally has a lower interest rate and also extends the term of the mortgage itself – leading to a more affordable payment.
The bankruptcy lawyers of Sadek Bankruptcy Law Offices are dedicated to providing bankruptcy and non-bankruptcy solutions for people looking to handle their debt problems. We are proud to help hard-working people in Pennsylvania and New Jersey get out of debt and on the path to a fresh financial start. To schedule a free and confidential consultation online or in one of our many local offices, call us at 215-545-0008 or contact us using the form.