Economic Realties Of Chester County PA Foreclosures
In Pennsylvania, Chester County ranks first in average household income and first in average home price. By looking at those stats alone, you would assume there was little to no foreclosures in that county. However, a quick look at the January 2015 sheriff sale list tells a different story; approximately 50+ pages of foreclosures. I think that tells us that foreclosures can happen to anyone no matter where they live and that even with the economic benefits of living in Chester County there will still be foreclosures. The three highest concentrated towns of real estate in Chester County are West Chester, Coatesville and Phoenixville. In those three towns, the instances of foreclosure are relatively low compared to other counties with concentrated areas of real estate. At the beginnig of 2015, West Chester listed 0 foreclosures, Coatesville only listed 3 foreclosures and Phoenixville listed 9 foreclosures.
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 is 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
In The Law Office of Stephen Ross, 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 a Chapter 13. A Chapter 13 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.