Philadelphia Mortgage Foreclosure Lawyer
Pennsylvania Mortgage Foreclosure Lawyer Serving Clients throughout Philadelphia
Although the housing market largely has recovered from the economic crisis, many homes remain in the process of foreclosure or at risk of foreclosure in Philadelphia. According to a fact sheet from RealtyTrac, about one out of every 1062 homes is currently in some state of foreclosure—including pre-foreclosure, auction phase, and bank-owned. To put that figure another way, fewer than 1 percent of Philadelphia homes are currently in foreclosure. That does not mean, however, that there are not homeowners in the city who are struggling to pay mortgages and are at risk of losing their homes.
Often, homeowners find themselves at risk of foreclosure due to subprime loans, as well as deceptive and fraudulent lending practices. If you are at risk of foreclosure, you may be able to save your home by speaking with an experienced Philadelphia mortgage foreclosure lawyer.
What Leads to So Many Foreclosures in the Philadelphia Area?
When it comes to foreclosure in Philadelphia, there are many reasons that property owners can find themselves at risk of losing their homes. In some cases, the homeowner had a fair mortgage that she or he just could not pay as a result of extenuating circumstances, such as unexpected medical bills or the loss of a job. In other situations, however, individuals may be facing foreclosure due to an unscrupulous lender.
According to a report from the U.S. Department of Housing and Urban Development (HUD), one of the major reasons for an uptick in foreclosures over the last ten years is subprime mortgages. To be sure, homeowners with subprime mortgages have a much higher risk of going into foreclosure than other homeowners. What is a subprime mortgage? According to the Consumer Financial Protection Bureau (CFPB), “a subprime mortgage carries an interest rate higher than the rates of prime mortgages.” In other words, subprime mortgages tend to have particularly high interest rates, and these generally are loans that are “meant to be offered to prospective borrowers with impaired credit scores.”
What happens when you agree to a subprime mortgage? Often the homeowner cannot afford the mortgage payments in addition to other debt, and as a result of the high interest rates, the homeowner ends up with very little to no equity in the home. It is important to know that the fact that you have been offered a subprime mortgage does not mean that you could not qualify for a different loan. You should not accept unfavorable terms that could put you in more debt in the long run.
How Can I Save My Philadelphia Home from Foreclosure?
There are many different ways that a Philadelphia mortgage foreclosure attorney can help you if you are at risk of foreclosure. In some cases, it might make sense to try to save your credit history by doing a short sale. This way, you may be able to buy another home sooner than you think. On a related note, an aggressive lawyer may be able to help you to preserve the equity in your home in other ways.
In other cases still, you may be able to avoid foreclosure altogether while remaining in your home. There are many ways a Philadelphia consumer protection lawyer can help, from filing a claim against a deceptive mortgage lender to explaining more about how the automatic stay in Chapter 13 bankruptcy can prevent foreclosure.Philadelphia Area Consumer Lawyer
Do you feel you were lied to when financing your home? Did you feel forced into a financial situation you never could have sustained? You might be sued by a mortgage company who can’t prove it owns your mortgage. You may have a chance to fight your home’s foreclosure if you have endured any of these or other mortgage issues. Come to Louis Schwartz and his team at ConsumerLawPa.com and we can go over your case—delving into the history of your home buying experience to see whether there is something we can do to save what is nearly lost. Our Philadelphia mortgage foreclosure lawyer will form a plan of action, give you peace in a tight situation, and help guide you in the proper legal direction.
Our consumer law attorneys can assist not only with mortgage foreclosures, but with the following issues, as well:
- Debt Collection Abuse;
- Predatory Lending Damages;
- Used Car & Repair Shop Fraud; and
- Insurance Claim Denials.
If you fear you are a victim of fraud, deception, or harassment, we may be able to protect you. Our lawyers can provide you with a free consultation to help you determine the best possible course of action. Call our law offices today at 215-790-1800.