TOMORROW DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

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1 STOP PHILADELPHIA FORECLOSURE TODAY FOR A BETTER FUTURE TOMORROW If you stop foreclosure today, such as through one of the strategies detailed above, you will find yourself in a better position in the future. DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

2 If the thought of foreclosure is on your mind, it could mean many things: You have missed a mortgage payment in the recent past. You think you are going to miss a mortgage payment in the near future. You have received a notice of foreclosure from your lender. It doesn t matter why you are thinking about foreclosure. What matters is that you find a way to avoid this. 3

3 If you take the steps to stop the foreclosure process, you will never have to concern yourself with the final stages, which includes losing your home once and for all. HOW DO I STOP FORECLOSURE? Most people are never faced with this question, so if it comes around they are confused as to what they should do next. Stopping foreclosure sounds impossible. It may be easy to hide from your lender and eventually walk away, but that may not be in your best interest. Instead, you should consider all your options, such as the three strategies detailed below: 1. Negotiate with your lender. It is a common misconception that mortgage lenders enjoy the foreclosure process. The truth is that lenders hate this, as they often times lose money. Not to mention the fact that they are in the business of lending money, not owning real estate. Reach out to your lender to discuss your situation. They 4

4 may be willing to negotiate with you. For example, a loan modification is not out of the question. This can lower your monthly obligation, thus allowing you to make your payment in full and on time in the future. 2. Refinance your mortgage. This is not an option for every homeowner, but could be just what you need to avoid foreclosure and get back on your feet. This starts with examining your situation. This includes the value of your home, the balance of your loan, and how far behind you are on payments. At that point, you can contact your lender to discuss your intentions to refinance. Note: you need to find another lender that can assist with the refinancing of your current loan. Give yourself enough time to find the right lender. 5

5 3. File for bankruptcy. You are already dealing with the possibility of foreclosure. This can be scary in its own right. If you throw bankruptcy into the equation, you may be converned about what the future holds. But don t turn your head to this idea just yet. Bankruptcy will not prevent foreclosure indefinitely, but it will buy you some time. With Chapter 13 however, for example, you can save your home by making payments to your lender through a repayment plan. DON T DELAY IN MAKING A MOVE As soon as you realize you are in trouble, as soon as you get the feeling that foreclosure is coming, you need to examine your options and decide what to do next. Don t delay in making your next move, as you still have time to save your home. If you stop foreclosure today, such as through one of the strategies detailed above, you will find yourself in a better position in the future. 6

6 About the Author David M. Offen A native to the Philadelphia area, Mr. Offen attended Temple University College and Law School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a member of the Eastern District of Pennsylvania Bankruptcy Conference and the National Association of Consumer Bankruptcy Attorneys. David M. Offen has over 20 years of experience and has helped over 8,500 individuals and families go through the Bankruptcy process. These filings have included stopping foreclosure on a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank accounts and putting a stop to; lawsuits, credit card bills, personal loans, bills, utility shutoffs and other types of debt. With Mr. Offen s help, these families have saved countless millions of dollars of debt. David enjoys getting to know his clients and will be happy to answer any and all questions you may have. You are treated as a person and not a number. Remember there is no such thing as a silly question. Don t be afraid to ask any questions you may have. David M. Offen has found that people looking to file Bankruptcy are not trying to avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting people to stop worrying and making their financial lives much better and helping people stop feeling overwhelmed. In some cases, Bankruptcy is not the best move and he can review your situation with you and tell you the right move for you to make. Get a completely free evaluation of your situation. For the past 20 years, the Law Offices of David M. Offen has been among the top filers of bankruptcy in the Eastern District of Pennsylvania. The Law Offices of David M. Offen The Curtis Center 601 Walnut Street, Suite 160 West 1st Floor Philadelphia, PA