If you are facing foreclosure in Allentown, PA, you should seek an Allentown foreclosure attorney to help you through the process. Just because you have received a foreclosure complaint does not mean that it’s too late to seek help. In fact, it becomes easier to negotiate with banks concerning alternatives to foreclosure once the home is in the foreclosure process.
If you receive a foreclosure complaint in Lehigh County for a property located in Allentown, the first thing you should do is see an Allentown foreclosure attorney. The reason for this is because you have just 20 days from the date you received the complaint to file an Answer.
An Allentown foreclosure attorney will then be able to raise affirmative defenses and counterclaims, which will require the lender to file a response. If you do not file an answer, the lender will receive a default judgment and the home will be sold at a sheriff’s sale. By seeking the services of a foreclosure defense attorney, you will be able to maximize your chances of either keeping your home or being able to walk away without going through foreclosure.
After we file the Answer to the foreclosure Complaint, we will then contact the bank’s loss mitigation department and submit an application in order to get a loan modification or short sale approved. If you wish to keep your home, but seek a more affordable monthly payment, you may be able to get approved by the bank for a loan modification if you have a qualified hardship such as a loss of a job, a decrease in income, a divorce, or a health-related condition, among others. Additionally, another option available is a short sale where a bank allows the borrower to sell their home for less than what they owe on the mortgage and any remaining debt is forgiven.
The reason banks approve short sales or loan modifications is because they know that it’s a win-win situation for both the bank and the borrower. It takes an experienced attorney to get the application approved because banks have strict guidelines that they must follow.
If you have a property in Allentown facing foreclosure, please contact us by calling Zachary Zawarski at (610) 417-6345 to discuss your options.