An Introduction to Foreclosure in Pennsylvania

Although foreclosure isn't in the headlines the same way it was a few years ago, still, too many people in Pennsylvania face the loss of their home. People do not want to lose their home or its equity, and these people often seek solutions to stop or slow the foreclosure process. This blog post will provide some basic information on foreclosure.

When a homeowner becomes delinquent on their mortgage payments, they will be given the option of paying the mortgage before ownership and possession of the residential real estate is taken away. Often, this period of time will be six months. After this time is up, if the homeowner has not cured the problem, they may be foreclosed from redeeming the mortgage. This is the point where the foreclosure process may begin.

A common form of foreclosure is a foreclosure by judicial sale. In this process, the mortgagee files paperwork to begin the foreclosure process. Mortgagee is another word for a bank or other entity that has standing to begin a foreclosure proceeding. The homeowner will receive notice of the filing. After a court proceeding, if the homeowner loses, the county sheriff will set a date for the sale of the home. The proceeds from any sale will first go to the mortgagee, then to any lien holders, then, if there is anything left, to the homeowner.

Legal options may exist to oppose a foreclosure motion, stop a sheriff's sale or even reopen a default judgment in favor of the mortgagee. Pennsylvania residents facing foreclosure have the option of meeting with legal counsel to discuss what options may exist.

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