Pa Foreclosure Process
Live in MD and am not familiar with Pa foreclosure. Have talked to owner who may be willing to sell www.property.Info at this point comes from owner and I've not seen any notices or papers for www.foreclosure.Owner says atty sent letter of intent to foreclose mid December and he had 20 days to www.respond.Mortgage hasn't been paid since www.April.Owner says that he was told by someone that property must be sold @Sheriffs Sale and that wont happen until March/April. Seems awful long time to me. In MD when trustee files @ courthouse notice of sale must be published three consecutive weeks and then property is sold @ auction on courthouse steps. Have seen sales within 17-18 days from filing depending on when ad gets placed Any help with process and time frames from PA investors would be appreciated
In Pennsylvania, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin.
The notice of intent must be sent, by first class mail, to the borrower, at their last known address and if different, to the property secured by the mortgage. The notice should not be sent until the borrower is at least sixty (60) days behind in their mortgage payments.
In the notice, the lender must make the borrower aware that his or her mortgage is in default and that it is their (the lender's) intention to accelerate the mortgage payments if the borrower does not cure the default within thirty (30) days. This means that the remaining balance of the original mortgage will come due immediately.
If the borrower does not cure the default by paying the past due amount, plus any late charges that have accrued, within the thirty (30) days, the lender may then file a suit to try and obtain a court order to foreclose on the property.
If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.
Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption once the foreclosure sale is complete.
You can search the code at: http://www.pacode.com/secure/search.asp
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Thanks John Michael for the response and web www.info.Owner did not remedy and am curious what is realistic time frames for sale process in York County PA.,assuming Trustee files to foreclose how long until sheriffs sale. Are sales weekly/monthly how are they scheduled. Must notice of sale be published before sale can occur?
I would suggest going to the local tax office in the Subject County, call them or go to their web site for this information.
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Hi Spiderhitch - I'm up in York. to continue on with John Michael's preforeclosure process, to start the foreclosure, a Complaint is filed and the defendant has 20 days to respond. if they fail to respond, a 10-day notice is sent. if they fail to respond to that, judgment is entered and then the lender files for execution (no trustees up here). the property is posted (this can take a while because it's not done on an individual time frame but as a group so to speak). the property is also advertised for 3 consecutive weeks. You can check with the Prothonotary's office to see if a complaint has been filed (although I don't know how much they actually will tell you on the phone). the Sheriff's office is the one that will tell you when the next sale dates are and the cutoffs to get the paperwork filed to have it listed. when they hold the actual sale (I think they're averaging more than 200 properties at a sale) everyone gathers in a large room in the court house, the sheriff reads off the cancellations & postponements (probably about 1/2 of the listed properties) and very quickly auctions off the remaining properties. The great majority of them are purchased by the lender's attorney and there are usually a very few that they actually have any real bidding on.
Thanks suekostalas.20 day notice was recieved by homeowner had until Jan 1 to respond.Would assume 10 day is on its www.way.Owner has no ability to bring up to date and must sell. They are pursuing conventional sale through agent as poosible alternative and am trying to convince that a sure sale through me is only sure way not to lose property as I would be cash buyer.Having problem creating urgency with such long process to foreclosure.Again owner said they heard sale wouldn't probably occur until March/April.Lot easier here w/ sale dates as soon as 2 1/2 weeks from date of filings. I don't work by misinforming owners and told them was unfamiliar w/ PA process but am trying to motivate them to sell to me at same time. Have seen too many pending sale/refi options on pending foreclosures fall and owners calling @ 11th hour to try to arrange deal but not enogh time to close.
one thing to tell your homeowners is the HUGE cost once the property is handed over to the sheriff. I haven't worked for several years but when I was working I believe the plaintiffs had to pay $5000 in order to start execution. that, naturally, gets added to their payoff figure.
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