Easton Foreclosure Lawyers

Find the right Foreclosure attorney in Easton, PA

Foreclosure Law in Pennsylvania

In Easton, Pennsylvania is a process allowing 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 usually 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 usually 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.

In every U.S. state, including Pennsylvania, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are known 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 Easton, Pennsylvania

First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be honest with your lender, and stay in touch with them as much as possible.

You should be mindful of the fact that your bank wants you to make your monthly mortgage payments - they likely aren't scheming to trick you into giving up your home. This isn't out of altruism, it's due to the fact that foreclosure is almost never as lucrative for the bank in the long run than a mortgage that is paid in full over a period of years or decades, with interest accruing the whole time. For a bank, a foreclosure is just a last resort to cut their losses.

Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

As a last resort, you might consider a "short sale," which results in loss of the home, but it usually leads to a great deal of the debt on the mortgage being forgiven. Essentially, a short sale in Pennsylvania involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.

Can a Easton, Pennsylvania real estate attorney help?

If you are worried that your Easton, Pennsylvania house is going to be foreclosed, and want to try and stop this, a reputable real estate lawyer can help.

Talk to a Real Estate Law Attorney now!

Life in Easton

Easton, Pennsylvania is a city in Northampton County. Its population is currently about 27,000 people. It is the county seat of Northampton County.

Easton is very close to the same distance from Philadelphia and New York city, with Philadelphia 60 miles to the south, and New York City about 70 miles to the east. The puts residents of Easton in a position where they have fairly easy access to two iconic American cities.

Easton, Pennsylvania was founded in the 1752, and was named after a town in England of the same name (many English settlements are, for obvious reasons, named after English cities). It proved to be an important military center during the Revolutionary War, and it was one of the first places where the Declaration of Independence was publicly read.

Modernly, Easton is home to the Crayola factory, a major toy manufacturer. Like many cities in the region, Easton, Pennsylvania used to have far more industry than it does now.

If you have a legal problem, there are plenty of Easton, Pennsylvania lawyers who can help you solve it, or at least mitigate it. If you need legal help, you should contact an Easont, Pennsylvania lawyer immediately.

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