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How Do I Stop Mortgage Foreclosure in Philadelphia?

Mortgage foreclosure is one of the worst consequences of debt. Falling behind on mortgage payments can happen to anyone, and mortgage related debts can build up quickly. Whether you’re struggling with a loss of income, unemployment, other debts piling up, or any other reason for mortgage debt, it is important to seek help to avoid foreclosure on your home. 

Losing your home to debt can be one of the most stressful situations possible. At Cibik & Cataldo, P.C., our attorneys work to avoid mortgage foreclosure so that you can resolve your debt without losing your home. Our team can help provide long-term solutions for home retention so that you can work off your debts while keeping your home. 

Mortgage foreclosure is a complex process, so there are multiple avenues that your bankruptcy attorneys can take to avoid the loss of your home and other assets. Bankruptcy lawyers Cibik & Cataldo have been working in bankruptcy law for over 30 years, so they have the expertise to find the best legal strategy to avoid foreclosure. 

One potential solution is a mortgage modification, in which you may be able to modify the terms of your mortgage and repayments. This can lead to lower interest rates and lower monthly payments, but typically extends the length of time it takes to pay off your mortgage.

Chapter 13 bankruptcy can also help avoid mortgage foreclosure. Depending on your debts, declaring Chapter 13 bankruptcy may be the best way to prevent foreclosure. Under Chapter 13 bankruptcy, debtors can create a payment plan that lowers monthly costs while avoiding the liquidation of assets, including your home and mortgage. 

There are various paths that you can take to prevent the foreclosure of your home. The team at Cibik & Cataldo can guide you through a mortgage foreclosure with compassion and understanding. Our bankruptcy lawyers have vast foreclosure experience and expert knowledge to help you through every step along the way.

How late can my mortgage be before foreclosure? 

Generally, mortgage payments must be delinquent for at least 120 days before foreclosure motions can begin. There are also notices that must be given before the mortgage foreclosure process can begin, so it is important to stay alert to any notices or letters of demands. If the foreclosing party fails to comply with federal and state guidelines for notice of foreclosure, our attorneys may be able to temporarily stay your foreclosure.

Do I owe money if my house is foreclosed? 

Mortgage foreclosure is usually a tool to pay off your debts. If your debts total more than the cost of your mortgage, however, you may still owe money to lenders. 

Can I get a foreclosure removed from my credit report? 

A foreclosure will remain on your credit report for seven years. It must be removed after seven years to the day of your first late payment, called the date of first delinquency. 

How long after a foreclosure can I buy a house? 

This question depends on your financial situation and credit score. Some lenders do have minimum waiting periods before you can apply for a mortgage loan after a mortgage foreclosure, however. For example, there is a three year waiting period for FHA loans, a two year waiting period for VA loans, and a seven year waiting period for Fannie Mae loans. 

How do I rebuild credit after a foreclosure? 

There are plenty of ways to rebuild credit after a foreclosure. The best advice is to create a budget and stick to it, while paying off any bills or debts on time. Rebuilding a poor credit score can take time, but it is not impossible to get back in good standing. You may also consider seeking professional help, like credit counselling. 

Can foreclosure be stopped? 

Yes, foreclosures can be stopped through various methods, even if you are struggling with your finances. Bankruptcy attorneys Michael A. Cibik and Michael A. Cataldo have helped individuals and families across the Philadelphia area for over 20 years to avoid foreclosure and reorganize their debts. Contact us for a free, no obligation consultation to discuss your mortgage debt. Our attorneys will provide as much information as possible to help you make the best decision to keep your home and find debt relief.

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Cibik & Cataldo: Philadelphia Bankruptcy Lawyers