Altoona Foreclosure Lawyers

Find the right Foreclosure attorney in Altoona, PA

Foreclosure Law in Pennsylvania

In Altoona, Pennsylvania is a process permitting a lender of a mortgage to take possession or ownership of the property that secured the mortgage in the first place, to cut their losses when a borrower defaults on his or her loan.

A foreclosure normally involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks normally want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

Like every other state in the U.S., Pennsylvania authorizes homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

In some states, original mortgages are recognized as "non-recourse" loans, making the above problem a non-issue. This essentially means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Altoona, Pennsylvania

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They granted a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you experience a sudden change in your financial situation, your lender, in an effort to keep you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

In Pennsylvania, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is absolved, and the borrower is free and clear.

Can a Altoona, Pennsylvania real estate attorney help?

If you live in Altoona, Pennsylvania and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an accomplished real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Altoona

Altoona is located in Blair County, Pennsylvania. Per the 2010 census it has a population of 46,320 people.

Some popular attractions include the Altoona Symphony Orchestra, Horeshoe Curve, the Railroaders Memorial Museum, the Juniata Shops of the Altoona Works, Mishler Theatre, Jaffa Shrine Center and the Cathedral of the Blessed Sacrament.

Earlier, Altoona's economy was primarily dependent on the railroad industry. This changed with time as the city began to urbanize. Now, the city depends more on local businesses. In fact a top employer is Sheetz. Sheetz is a large convenience store and gas station chain that is present in many states such as Pennsylvania, Ohio, and Virginia. There are many Sheetz locations (approximately twenty) in Altoona. Therefore it is one of the city's top employers. To support Sheetz and other businesses, the legal force in Altoona is strong. It has many competent attorneys who practice law in various fields. Thus, they are able to help local businesses and residents with their legal needs.

Some famous residents of Altoona include Janet Blair, Brad Benson, Michael Behe, Rob Boston, Sam Cohn, Ripper Collins, Henry Kloss, Star Jones, Tommy Irwin, and Mike Luzzolino.

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