What is Foreclosure in Allentown, Pennsylvania?

Find the right Foreclosure Bankruptcy attorney in Allentown, PA

Foreclosure is a legal procedure in which a mortgage lender recoups some of its losses in the event of default by acquiring possession and/or ownership of the home that secured the loan in the first place in Allentown, Pennsylvania Foreclosure typically involves a forced sale of the house at auction. Banks typically want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In every state, including Pennsylvania, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In some states, original mortgages are treated as "non-recourse" loans, meaning that, at most, the lender can take possession of the house in the event of foreclosure, even if it is worth less than the amount due. The bank cannot go after the borrower for the remaining balance once it sells the house. You should consult a attorney in Allentown, Pennsylvania to find out if this is the case here. This typically does not apply if the mortgage has been refinanced.

How Can I Avoid Foreclosure in Pennsylvania?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. It is important to remember that the bank does not really want your Allentown house - they expected to make a profit through the interest on your loan, and that's what they'd prefer to do. Accordingly, they will probably make reasonable accommodations to your financial situation if it means that you will be able to make some form of payment to them.

If you can't reach a solution with your lender, there are other options. You can, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will receive the proceeds of the sale, and the rest of the debt will be forgiven. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

How Can A Allentown, Pennsylvania Attorney Help?

If you are facing foreclosure, a good Allentown, Pennsylvania real estate lawyer can help. While keeping your home might not always be possible, a attorney can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Allentown

Allentown, Pennsylvania is a historic town located in an area known as "Lehigh Valley". The city is best known for its large number of century-old industrial complexes, commercial structures, and historic homes.

Much of Allentown's distinctive residential architecture is concentrated in its historic district of West Park. West Park is part of a larger community known as Center City. Center City in Allentown, Pennsylvania is comprised of "stately homes" featuring Victorian and Craftsman styles of homebuilding. Federal rowhomes are also common in Allentown. The city also boasts one America's best park systems. The city's park system was influenced by the "City Beautiful" planning movement in the 1890's and early 1900's.

The culture of Allentown is largely influenced by old-world German heritage that stretches back centuries. In particular, Allentown cuisine features many traditional treats that are exemplary of "Dutch Pennsylvania" culture. Allentown, Pennsylvania is an excellent city to visit, as it hosts many events and attractions. Some events and destinations include the Mayfair Festival of the Arts, the Baum School of Art, and the Allentown Symphony Hall.

Lawyers in Allentown, Pennsylvania are available to assist residents in a number of legal fields. Allentown lawyers are familiar with the unique set of laws that govern the city. Experienced lawyers are able to assist Allentown residents with questions, legal complaints, and inquiries.

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