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Roger
Roger, Lawyer
Category: Real Estate Law
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My home has been foreclosed on two days ago after years of

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My home has been foreclosed on two days ago after years of modifying,sending paperwork each month and finally out of the blue they sent me a modified mortgage which was double my old mortgage amount with a 40year note and 10,000 due at the end of 40 years.If they thought I could not afford my original mortgage how could I afford this. My original mortgage they said was late and they sent the check back which began this whole saga.\
Is there any thing I can do to keep my home

Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question. I'll be glad to assist.

 

The only sure way to stop the foreclosure and give yourself a chance to keep your property is to file chapter 13 bankruptcy. If you file, the automatic stay provisions of the bankruptcy code will go into affect, which would stop the lender in its tracks.

 

If you were to file, you will be given the opportunity to file a repayment plan to pay this and your other debts over time. Generally, your plan can proceed for up to 5 years, but you can extend payments on your mortgage for 20, 30 or 40 years in an amount that you can afford.

 

You'll have to pay the arrearage and the full amount of the loan, but you will be able to reduce the payments to an amount you can afford and pay over an extended period of time.

Roger and 6 other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
Relist: Answer quality.
Hi Sean - I believe that I misread your post regarding the foreclosure. I thought it said that your house would be foreclosed in 2 days, not that your house was foreclosed two days ago. Sorry for misreading the post. Unfortunately, in a situation like this, the only thing you could do is try to redeem the property from the lender, which would require that you pay off the balance in full plus all of the legal fees associated with the foreclosure. IF you can do this, it is possible to regain the property. Otherwise, there's nothing that could be done at this point. Had the foreclosure not already occurred, my response above would be the only possible out for you. Please let me know if you have any additional questions.
Hi Sean -

I believe that I misread your post regarding the foreclosure. I thought it said that your house would be foreclosed in 2 days, not that your house was foreclosed two days ago. Sorry for misreading the post.

Unfortunately, in a situation like this, the only thing you could do is try to redeem the property from the lender, which would require that you pay off the balance in full plus all of the legal fees associated with the foreclosure. IF you can do this, it is possible to regain the property. Otherwise, there's nothing that could be done at this point. Had the foreclosure not already occurred, my response above would be the only possible out for you.

Please let me know if you have any additional questions.
While PA doesn't have a statutory right of redemption or redemption period after the sale, if the lender bought the property back at the sale, it should work with you to recover the property if you could pay the amount needed to make the transfer.

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