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I received a foreclosure notice, what happens next?

Receiving a foreclosure notice on your home can be extremely stressful. Most homeowners are unfamiliar with the foreclosure process and when faced with such a notice they are left confused and anxious, wondering what happens next?

Foreclosures in residential real estate happen when the homeowner is at least sixty days behind on payments. Each state has its own laws governing the foreclosure process. In Pennsylvania, the lender is required to send notice to the homeowner of the intent to foreclose on the property. Once this notice has been sent that begins the foreclosure process. So, what can you do at this point?

There are a variety of ways to defend against a foreclosure. The homeowner can of course stop the foreclosure at any time by paying the past due amount. Once the notice of intent to foreclose has been sent, the homeowner must be given some time, usually at least 30 days, to try to cure the problem by making the outstanding payments.

In Pennsylvania the only type of foreclosure available is foreclosure by judicial process. So, if the homeowner fails to make the necessary payments, the lender can file suit to obtain a court order to foreclose on the property. If the court orders the sale of the property by foreclosure, the property will be sold by auction at a Sheriff's sale. There is however still time for the homeowner to stop the sale up to one hour prior to the auction by curing the overdue payments.

The process of foreclosure can be lengthy and challenging but there are options available to the homeowner to defend against these foreclosure proceedings; Working with an experienced attorney can help those facing such proceedings understand what they face and work towards the best possible outcome.

Source: Realtytrac.com, "Pennsylvania Foreclosure Laws," accessed Dec. 28, 2017

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