Timeline:
90 Days
Redemption:
No
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: No
Security
Instruments: Mortgage
|
|
|
Pennsylvania
foreclosure law only allows the lender to initiate Judicial
Foreclosure procedures. The original loan documents will not
contain a “power of sale” clause. The lender must sue the borrower
in court.
First
a notice of intent to foreclose on the property must be sent
by registered or certified mail to the borrower. The borrower
must be at least sixty (60) days behind in payments. The borrower
then has thirty (30) days to cure the default. The notice of
intent to foreclose sent by the lender must state that the full
balance of the mortgage will become due if the borrower does
not cure the default. |
If the
borrower can not satisfy the default, then the lender will sue
for an order to foreclose. A title search must be ordered and
received by the clerk of the court before the suit can be filed.
If the court finds the borrower has defaulted on the loan, an
order of sale is issued and a sheriff's auction is scheduled.
Within thirty (30) days, the sheriff must serve the notice to
the borrower, who then has twenty (20) days to file an answer.
The sale is conducted in accordance with the instructions from
the court.
The
borrower may cure the default any time up to one hour before
the scheduled time of the sale. If the borrower can not cure
the default by that time, the sale will be conducted and there
is no redemption period after the sale.
The
lender may sue the borrower for a deficiency judgment within
six months of the sale.
Pennsylvania Foreclosure Law