How Many Months Behind Before You Go Into Foreclosure in Pennsylvania?

As a homeowner, foreclosure is likely high on your list of things to avoid. Unfortunately, many homeowners fall behind on mortgage payments and must face the prospect of foreclosure. Rest assured, creditors cannot foreclose if specific legal criteria are not satisfied.

Creditors may not initiate foreclosure unless certain criteria are met, including the number of months you are behind on your mortgage. Under federal law, creditors cannot foreclose until you are at least 120 days behind. Even then, foreclosure is not guaranteed, and creditors might be willing to work with you. How quickly creditors decide to start the foreclosure and what we can do about it may vary based on your unique situation. Foreclosure usually begins with a formal notice from the bank. If notice is not provided, the bank should not be able to move forward with the foreclosure. If you have received such notice or believe notice is forthcoming, talk to our team immediately.

Contact our Pennsylvania mortgage foreclosure defense attorneys for a free, confidential case evaluation by calling Young, Marr, Mallis & Associates at (215) 701-6519.

How Far Behind on Mortgage Payments You Must Be Before Foreclosure in Pennsylvania

Missing a single mortgage payment is not enough for the bank to suddenly foreclose on your home. Missing even two or three payments likely is not enough. According to federal law 12 C.F.R. § 1024.41(f)(1), a creditor may not initiate foreclosure proceedings until you are at least 120 days delinquent, or about 4 months.

Talk to our Philadelphia mortgage foreclosure defense attorneys if you are behind on payments but not far enough behind to trigger foreclosure proceedings. If the bank tries to foreclose when it should not, we can help you fight the foreclosure and hopefully keep your home.

We can also help you check the terms of your mortgage. Other terms, conditions, or restrictions might play into the foreclosure process. Remember, not all mortgages are exactly the same, and your legal options might depend on the terms of your mortgage.

How Quickly May Creditors Foreclose in Pennsylvania?

Just how fast a creditor may foreclose on your home depends on a wide variety of circumstances and factors. While they are legally permitted to initiate foreclosure proceedings after 4 months of delinquency, they do not have to. You might be surprised to learn that many creditors are willing to work with delinquent borrowers to avoid foreclosure. They would much rather help you get back on track so you can continue making payments. Remember, creditors only want to be paid.

Is there a way to convince the bank to hold off on foreclosure? How far behind are you? If you are delinquent on your mortgage payments for at least 4 months but the delinquency is not a lot of money, the bank might be more willing to work with you. For example, if you only need a few thousand dollars to catch up on delinquent payments, you might be able to get a loan from friends or family members so you can keep your home. Alternatively, the bank might agree to adjust your monthly payments so you can catch up.

If the delinquency represents a much larger sum of money, the bank might be far less willing to reach an agreement or compromise. Even so, we might convince them to adjust the terms of your mortgage. For example, if you can pay a larger sum up front to partially catch up on missed payments, the bank might agree to lower your monthly payments to something you can afford.

How Does Foreclosure Start in Pennsylvania?

A foreclosure must begin with a formal notice from the creditor. This notice is not just a courtesy from the bank informing you of its plan to foreclose. It is legally required and must contain specific information about the foreclosure and your options going forward. If you have received a notice like this recently, call our team for help immediately.

The notice may give you some time, usually about 30 days, to remedy the delinquency. If you cannot catch up during that time, the bank may proceed with the foreclosure. Since Pennsylvania is a judicial foreclosure state, the bank would have to sue you in court to foreclose.

Because judicial foreclosure requires court approval at every step of the way, it often takes longer than in non-judicial foreclosure states. As such, you might have extra time to get your finances in order. You might also have more opportunities to fight the foreclosure in front of a judge.

How to Fight Foreclosure if You Default on Your Mortgage in Pennsylvania

If you are in foreclosure or falling behind on your mortgage and believe foreclosure is in your future, talk to our team about how you can fight the foreclosure and hopefully keep your house.

One method is to negotiate with the bank. Remember, the bank wants to get paid at the end of the day. Creditors would often much rather help you get back onto a payment schedule than foreclose. We might convince the bank to adjust the terms of your mortgage so that you can make more affordable payments while also catching up on the payments you missed.

Depending on the situation, we might be able to challenge the foreclosure in court. If the bank tries to foreclose too soon or refuses to allow you to cure the default, we can raise the issue in court. You have a right to cure the default under 41 Pa. Sta. § 404(a). Curing the default means paying enough money to catch up on all your missed payments and various legal fees and late penalties. While it is tough to accomplish, you have a right to cure the default if you have the money, and the bank cannot stop you from doing so.

Contact Our Pennsylvania Mortgage Foreclosure Defense Lawyers for Support

Contact our Upper Darby, PA mortgage foreclosure defense attorneys for a free, confidential case evaluation by calling Young, Marr, Mallis & Associates at (215) 701-6519.