Montgomery And Berks County Foreclosure Protection
In contrast other counties such as Montgomery and Berks there are a few towns with very high rates of foreclosure with concentrated numbers of real estate. For example, in the cities of Pottstown (Montgomery County) and Reading (Berks County), there are literally dozens of foreclosures listed on the January 2015 foreclosure list. The reasons for this cannot be directly cited to the incomes. Montgomery County ranks second in per capita income and Berks County ranks 19th in per capita income. Thus, it begs the question of how the areas in Chester County with relatively high concentrations of real estate have low instances of foreclosure compared to these towns in Montgomery and Berks Counties.
One of the reasons might be the overall wealth effect of Chester County that allows those who are having financial difficulties to evaluate more options when facing foreclosure than those in other counties. For instance, because Chester County real estate has the highest ranking value of real estate than any other county in PA, homeowners might have an easier telling selling their property before they face a short sale. The lenders that Chester County homeowners deal with might also be willing to explore more loan modification options because the likelihood of someone having equity in their home in Chester County will fall within more guidelines that call for loan modifications.
Chester County PA Foreclosure Attorneys
At RQP Law, we encounter many homeowners who are looking for options to deal with these foreclosures in Chester, Montgomery, and Berks Counties. The most common initial option is to place someone in Chapter 13. A Chapter 13 Bankruptcy allows someone to get caught up on their mortgage payments without having to refinance their home. It is also a guaranteed option as long as they have the minimum income to afford it. Other options we might present include litigating the foreclosure and a loan modification. Sometimes it is advantageous for a homeowner to consider filing a Chapter 7 if they are unable to otherwise sell their home and/or in the alternative sell their home without bringing cash to the settlement table.
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