In Pennsylvania, there are so many laws that protect your interest as a homeowner. To stop foreclosure, you should be familiar with those laws. Learning about those laws also helps you know your limits and how you can stop your home’s foreclosure. In PA, your lender must wait for 120 days’ delinquent and, after which, they are authorized to initiate the foreclosure process. The 120 days waiting period can be considered a pre-foreclosure period. You should maximize this period to request alternative solutions from your lender to prevent foreclosure.
The foreclosure process in Pennsylvania is judicial, and this implies that your lender will send a request to the bank and await their approval before they can foreclosure your home. Unlike some state that uses a non-judicial foreclosure process in which your lender can initiate foreclosure and sell your home base on their judgment. Here, a court will look into the reasons given by your lender and verify that they are right before passing the final decision of foreclosure. The advantage that comes with a judicial foreclosure process is that you can fight the case. If you have adequate defenses you can use against your lender, use them well. You can stop the foreclosure of your home immediately.
You should know two other essential things that will help you on your journey to stopping foreclosure:
You can reinstate your loan.
If you can gather enough money to pay up all the missed payments, you are allowed by the law to reinstate your loan and stop foreclosure. The only condition is that you request the scheduled sales date or at least an hour before the bidding starts. You don’t want to wait longer than this before taking action provided you plan to reinstate.
You can’t redeem your home after it’s sold.
Unlike Florida and some other states, no law in Pennsylvania allows homeowners to redeem their home after being sold. You can prevent losing your home by stopping foreclosure, and if no other options work, you can file for bankruptcy.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.