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I have a question about mortgage foreclosure. I have an

investment property in which Im...
I have a question about mortgage foreclosure. I have an investment property in which Im due to close on April 27th. I recently got beyond on the payments by 3 months. (March 8th makes the 3rd month). Last month in Feb, I attempted to make a single payment just so it would not get behind, and they ended up sending it back stating that I needed to make the 3 months payment in full. I sent the 3 months payments late last week and they informed me that the property was already in foreclosure and it was too late for payments. My question is what are my options? I do not want to lose the property especially so close to closing? Thank you
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Answered in 16 hours by:
3/13/2018
DamienJD
DamienJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 5,074
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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What state is this? Was this a nonjudicial disclosure, meaning there is no need for a court proceeding? Were you ever served with court papers?

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Customer reply replied 4 months ago
It’s in Philadelphia, from my understanding in Pennsylvania there’s not a non-judiscal foreclosure available in the state. I was served a certified letter end of January stating that I was 30 days past due and needed to make payment to avoid being in default.

Thanks for the additional information.

Yes. It is Judicial in PA. Also in Pennsylvania, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin. So, there could be a time to cure the default within 30 days.

I have a feeling that the person who you spoke with really was meaning that his or her department no longer was handling the matter because they sent it to their foreclosure department. Many of these lenders have multiple departments. You may want to see if that is what is happening.

Further, a lender would rather get paid than go into foreclosure. So, as the borrower, you need to keep addressing (hounding) the issues with them to get a payoff amount or an amount of what you need to pay to get it back in order or come up with a new plan.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 4 months ago
Ok, they sent back the wire transfer I had sent that would have brought the account back in good standing. They stated that I would need to come up with the full amount of the mortgage (171k plus preservation and attorney fees) since it was past it’s maturity date and in foreclosure. It is a hard money lender not sure if that makes a difference. I close on April 27th, do you think I would have enough time to payoff before they foreclose on the property?

Hmmm, a hard money lender would be less willing to negotiate a payoff amount. By chance (and hopefully not) did you sign a confession of judgment?

Some states like New Jersey and Pennsylvania allow a special arrangement between the creditor and the debtor where the debtor trades away his right to protest a judgment against him if there is a default. So with a confession of judgment, a lender may simply approach the courts with the signed document and appeal for permission to foreclose upon the property. In this case, the borrower has no rights to a trial, unless if he can draw focus upon any impropriety in the framing of the document.

The confession of Judgment allows a lender to gain access to the collateral within 24 hours of a default. This procedure is extremely rare in the country and is found in only a handful of states. Many Hard money lenders have thus relocated to PA and NJ in pursuit of this feature.

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Customer reply replied 4 months ago
I definitely did not sign a confession of judgement.

Okay. Great. If this will be a judicial foreclosure, then as previously mentioned, you would get the notice and the chance to cure within 30 days. Further, with the filing of the complaint, you would be able to respond to it. There then would be a discovery period or the lender could attempt to make a summary judgment motion for foreclosure. All this would take at least 3 to 5 months. So, there will be an opportunity to negotiate a payoff amount, a refinancing or new payment schedule.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

DamienJD
DamienJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 5,074
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Customer reply replied 4 months ago
Great!!!! Thank you sooo much! You have given me piece of mind in this matter, thank you!

You are welcome!

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