When does the foreclosure process start in PA?

Many Pennsylvania mortgages have a provision that requires the lender to send a breach letter if you fall behind in payments. This notice tells you that the loan is in default. If you don’t cure the default, the lender can accelerate the loan (call it due) and go ahead with the foreclosure. When Does Foreclosure Start?

When does a mortgage company have to notify you of a foreclosure?

Federal Reserve rules require mortgage companies to notify homeowners when their loans are transferred to another company. The company that takes over your loan must send you a notice within 30 days of acquiring it.

What does it mean when a house is in foreclosure?

Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract.

When to file a deficiency judgment in PA?

In Pennsylvania, the lender can get a deficiency judgment by filing a separate lawsuit within six months after the foreclosure sale. If the lender was the purchaser at the foreclosure sale, the deficiency is limited by the property’s fair market value. (42 Pa. Cons. Stat. Ann. §§ 8103 (a), 5522 (b) (2)).

When do you not need a foreclosure notice in PA?

But this notice isn’t required if you abandon the home. (41 Pa. Stat. Ann. § 403). Lender Must Send a New Notice of Intent Before Starting a Second Foreclosure

When to file a second foreclosure complaint in PA?

The Pennsylvania Supreme Court ruled in the case of JPMorgan Chase Bank N.A. v. Taggart, 203 A.3d 187 (Pa. Sup. Ct., Feb. 20, 2019) that a lender has to issue a new notice of intent to foreclose before filing a second foreclosure complaint in cases where the initial complaint was dismissed or withdrawn.

How does the foreclosure process work in PA?

Pennsylvania’s foreclosure process follows a similar course wherever you are in the state. After the first missed mortgage payment, your lender will begin sending notices and calling you.

How to save your home from foreclosure in PA?

The Pennsylvania Housing Finance Agency may be able to assist you in saving your home from foreclosure. If you have missed mortgage payments or are experiencing a hardship, it is best to contact your servicer and PHFA as soon as possible. If you are having trouble making your mortgage payments, do not assume your situation is hopeless.