Foreclosure Laws In Pennsylvania

In previous posts I have talked about the devastating effects of having one's home go into foreclosure so I thought that it would be a good idea to post here about the foreclosure laws in Pennsylvania:

Pennsylvania Foreclosure Law

- Pennsylvania Judicial Foreclosure Available: Yes

- Pennsylvania Non-Judicial Foreclosure Available: No

- Primary Security Instrument: Mortgage

- Timeline: Typically 90 days

- Right of Redemption: No

- Deficiency Judgments Allowed: Yes

In Pennsylvania foreclosure law, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Pennsylvania Judicial Foreclosure

According to Pennsylvania foreclosure law, 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.

Foreclosure Law in Pennsylvania - Philadelphia and Pittsburgh

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.

Pennsylvania foreclosure law states that 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 under Pennsylvania foreclosure law once the foreclosure sale is complete.