Pennsylvania Foreclosure Process

If you have missed a house payment and you are concerned about the Pennsylvania foreclosure process, you should be. It is important that you are aware of how the foreclosure process works, the time it takes, and if it can come back to haunt you later.

The Pennsylvania foreclosure process can happen rather quickly but it usually depends on the lender and how fast they are to act on the case or if they are willing to work with you. Banks will give you a chance to get caught up if you want to save your home from foreclosing. A foreclosure begins when you miss your first payment. However, you usually need to miss two or three payments before the papers are filed through the courthouse by the bank initiating the foreclosure process. When the papers are filed the first announcement posted in the paper under public records is a notice of default. The notice of default is an announcement that the process has started and can be embarrassing. The bank will do their best to contact you to get you caught up on the loan and to stop the process. If you cannot get caught up on the payments then the bank will initiate a sale through an auction at the courthouse. This is the next step with a foreclosure known as an intent to sell.

The Pennsylvania foreclosure process can be a quick process. This is because the state of Pennsylvania has experienced so many foreclosures in the past couple of years it has sped up. The courthouse is now fast at moving the foreclosures through for a bank. Work with your bank and talk to them to ensure your home is not at the auction in as quickly as 5 months of your missed payment.

If you do work with your bank to avoid the Pennsylvania foreclosure process, be sure that you follow through with all of the promises that you make to the bank. If you make an agreement of payment that you cannot follow through with then the process may pick up right where it left off and you might find your home up for sale.

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