| In Pennsylvania, only judicial or in court foreclosures are | | | | a foreclosure from appearing on their credit history. |
| allowed. To move forward with an in court foreclosure, | | | | Finding a way to come up with all that money is |
| the bank must file a lawsuit in order to receive a court | | | | another matter all together. If the sheriff's sale does |
| order to foreclose. When the court finds in favor of | | | | not generate enough money to satisfy the bank on the |
| the bank, the property will then be scheduled for a | | | | amount of the loan, Pennsylvania provides the lender, |
| sheriff's sale. | | | | the right to continue to pursue the former home owner |
| The bank must send a notice of intent to foreclose to | | | | for additional money. The bank only has six months |
| the home owner. This letter must be sent first class | | | | following the sale to exercise this option. This however, |
| mail to the last known address of the homeowner. If | | | | does not occur very often, because of the obvious |
| this address is different then the home which the bank | | | | reason, that most people, who have lost their home to |
| is preparing to sell to get its money, then the letter | | | | foreclosure, do not have any other resources the bank |
| must be sent to that address in addition to the last | | | | would want to pursue. |
| known address. General practice is that this notice of | | | | If the borrower cannot come up with the total amount |
| intent to foreclose is not sent until the homeowner is | | | | of the loan, plus fees, then the bank will sue for an |
| 60 days behind on their house payment. | | | | order to foreclose. A title search must be ordered and |
| This notice of intent to foreclose must inform the | | | | received by the court clerk. Then the suit can be filed. |
| homeowner that it is the intention of the bank to | | | | When the judge finds it officially in default, the sheriff's |
| accelerate the mortgage payment, if the loan is not | | | | sale is ordered. At this point, the actual sale date is |
| brought current in the next thirty days,. This means that | | | | scheduled. In the next thirty days, the sheriff will serve |
| if all past and current payments are not made up, plus | | | | the homeowner with a notice of the sale from the |
| late fees and interest. The total amount will become | | | | time the homeowner receives this notice, they have |
| immediately due and the bank will be moving ahead | | | | twenty days to file an answer. The court issues |
| with the sheriff's sale on the home. | | | | instructions on how the sale is to be conducted. I read |
| In Pennsylvania, a home owner has the right to come | | | | one Pennsylvania home owner's advocacy time line, |
| up with the whole amount owed on the home plus | | | | that showed the typical length of time from the first |
| attorney's fees etc... all the way up until one hour | | | | missed payment, until the home owner's having to |
| before the sale of the home is conducted. Doing this | | | | leave. |
| will, of course keep the home in their name, and save | | | | |