Pennsylvania Foreclosure
Pennsylvania Foreclosure:
Pennsylvania doesn’t allow non judicial foreclosure and right of redemption. Primary security instrument is mortgage and timeline is typically 90 days. Deficiency judgment is allowed. Notice of foreclosure can be sent only if borrower is at least 60 days behind in payment. It must be mailed by first class mail to his last address or to the property. Notice must explain that the borrower is in default and the intent of the lender to foreclose if it is not cured in 30 days. Failure on the part of borrower leads lender to file a law suit to obtain foreclosure order. Sale is executed by the Sheriff under court set guidelines with borrower still enjoying right to cure debt right till one hour before sale. Lender has six months to file deficiency judgment.
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