Pennsylvania Foreclosure Listings Laws and Regulations

How state statutes affect foreclosure property listings in Pennsylvania

Foreclosed homes in Pennsylvania can make attractive investment opportunities. A quick review of Pennsylvania foreclosure property listings reveals thousands of homes somewhere in the foreclosure process at prices that are hard to beat.

Before diving head first into making offers on foreclosure property listings in Pennsylvania, it's important to have an understanding of the State of Pennsylvania foreclosure listings laws and regulations. This article will explore the following three portions of the Pennsylvania state law that impact a house being included with foreclosure property listings in Pennsylvania:

1. The foreclosure timeline process for Pennsylvania foreclosures;

2. Right of Redemption laws and their impact on Pennsylvania foreclosures;

3. The role deficiency judgements play in Pennsylvania foreclosure listings.

Familiarize yourself with the timelines for foreclosure listings in Pennsylvania

It takes about 120 days for the foreclosure process to transpire in Pennsylvania, give or take a few weeks based on the court's schedule. During this time, a homeowner in default has 20 days to file an answer outlining payment arrangements following a foreclosure notice, and then is given another 10 before a "default" status is filed with the courts. Following that, a 30-day notice must be given to the homeowner before a foreclosure sale can take place.

Understand Right of Redemption laws and their impact on foreclosed homes in Pennsylvania

There are no Right of Redemption laws for foreclosure properties in Pennsylvania. This means a homeowner in default of their loan cannot reclaim his or her home by paying what is owed on the loan plus any additional costs. Nevertheless, in Pennsylvania all foreclosure sales take place in front of the county courthouse by a sheriff, who generally gives the homeowner a chance to recover the home.

Realize the role deficiency judgements play in Pennsylvania foreclosure listings

A deficiency judgement can be obtained when a Pennsylvania foreclosure listing gets sold at a foreclosure sale for less than what is owed to the mortgage lender. Lenders have up to six months after the foreclosure sale to file for a deficiency judgement, because the borrower still owes the lender the difference.

• If you are torn between two homes listed on Pennsylvania foreclosure listings, get as much background information as you can from a realtor in order to pick the home least likely to be stalled during the foreclosure process. This means avoiding the listing where a homeowner is likely to try and reverse course just hours before the foreclosure sale, or cause delays by contesting actions, seeking hearing adjournments or filing for bankruptcy. All of these measures can effectively stall and delay a foreclosure auction sale.

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