Thursday, February 9, 2012

PA Foreclosure Abuse Settlement

After years of struggling with foreclosure abuses in Bucks County, a multi-state settlement of $25 billion has been reached. The settlement affects approximately 750,000 individuals. As ABC News Reports,
Payments of about $2,000 will be made to about three-quarters of a million households that were foreclosed on through abusive practices, distributed over three years.
A foreclosure in Bucks County can be a stressful event, where a Bucks County resident faces losing their home due to unpaid mortgage or taxes. They were faced with a decision on whether they should file for bankruptcy. Many families and individuals, as a result of the abusive practices of the mortgages companies, had to file a Chapter 13 in Bucks County. The settlement will bring $226 million to the Commonwealth of Pennsylvania.

As many know, a Bucks County bankruptcy lawyer can stop a foreclosure and a sheriff sale. Through bankruptcy, the arrears of a mortgage can be paid through a five year plan. It is sometimes the best path available for people to save their home and get a fresh start.

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