What is Foreclosure in Hazleton, Pennsylvania?

Find the right Foreclosure Bankruptcy attorney in Hazleton, PA

Foreclosure is a judicial process in which a mortgage lender recoups some of its losses in the event of default by taking possession and/or ownership of the home that secured the loan in the first place in Hazleton, Pennsylvania Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to collect as much money as possible.

In every state, including Pennsylvania, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In many states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Hazleton, Pennsylvania to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Pennsylvania?

Most importantly, you must not ignore the problem. Doing so will not make it go away, and will probably make it worse. You should stay in close contact with your bank, and be forthright with them. You should keep in mind that banks typically don't want to take your Hazleton home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You might also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Hazleton, Pennsylvania Attorney Help?

If you think foreclosure is imminent, a good Hazleton, Pennsylvania attorney might be your best hope for staving it off. Even if keeping the house proves impossible, a good lawyer can minimize the financial effects.

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Life in Hazleton

Hazleton is home to 24,000 Luzerne County residents who enjoy a close proximity to nearby major metropolitan areas and outstanding city parks and recreational areas. Hazleton is known as "The Mountain City" and "The Power City" because of it's abundance of foothills and abundant coal supply. One fact of which you may not be aware is that Hazleton was originally spelled "Hazelton" but a clerk misspelled it during incorporation and it stuck.

In 2006, Hazleton garnered national attention when Mayor Lou Barletta and other counsel members passed the Illegal Immigration Relief Act which initially fined business owners ,000 for each illegal immigrant they employed as well as the loss of all city issued licenses and permits. The law was later thrown out because it was considered unconstitutional and was disputed by a number of lawsuits as well as the Pennsylvania ACLU among others. Office Max, Simmons Bedding Company, Michaels, AutoZone, WEIR Materials, Amazon.com, and EB Brands are some of the important companies who are major employers in Hazleton. There are also a number of every experienced lawyers. Hazleton lawyers are familiar with many different areas of law and use their knowledge of local courts to advise you.  

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