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The plaguing real estate business crisis of U.S. in increasing number of foreclosures every month is engulfing all the States, including Pennsylvania as well. The Industrial State of Pennsylvania is turning out foreclosure filings enormously, even though not prominently figuring in the list of top most States like California and Florida.

The laws governing foreclosures vary from State to State in the U.S. Depending upon the legal document stipulated upon by the law for extending mortgage loan the foreclosure process also varies. If a mortgage deed is entered into between the lender and the borrower, it follows that only legal proceedings through a Court of Law are to be taken for foreclosures. Alternatively if a Deed of Trust is permitted by the law of the State, then the process is direct without going to a Court of Law by issuing notice of default to the borrower and selling the property through public auction at the Sheriff’s office.

Pennsylvania State permits only judicial foreclosures by mortgage lenders through mortgage deeds. The process period is stipulated as 270 days. A default of 60 days by the borrower should precede the foreclosure to begin and the mortgage lender has to send at least two letters to the borrower intimating that foreclosure action is intended and the loan is to be reinstated by payment of arrears. This gives the borrower anywhere between 2 to 4 months time to make good the arrears or repayment of the loan to prevent foreclosure. If the borrower does not respond, the mortgage lender has to file a suit against the borrower for the amount due and the legal proceedings start there from. Such enlistments of foreclosure actions in a Court of Law are known as “Lis Pendens”.

A notification about the lis pendens is issued to the borrower and delivered in person or through mail as an official intimation of the proposed foreclosure action. Normally the borrower has one month’s time to stop the foreclosure at this stage also. The Court then orders the property to be sold through public auction supervised by the County Sheriff.

Prior to the sale by public action following the Court’s order, which will take 1 to 2 months’ time and at least 30 days prior to the sale, an intimation of the property being sold by auction is publicized by a handbill exhibited on the said property and a copy of which is issued to the borrower. For three consecutive weeks the sale is advertised on local news papers of general nature as well as legal news papers at least once a week.

The actual sale by public auction takes place on the specified date (this can be postponed for once up to 100 days by the Sheriff’s office and any further postponement can be made only after obtaining the prior permission of the court) under the supervision of the County Sheriff. The highest bidder in the auction gets the ownership of the property and the documentation for transfer of ownership is done by the Sheriff. After the sale is complete, the borrower loses all rights of the property and there is no provision for reinstatement of the loan to the lender and getting back the property thereafter.

For further details completely on the subject of “lis pendens in Pennsylvania” please visit Pennsylvania Lis Pendens

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