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You may be able to avoid foreclosure by making arrangements with your lender, such as getting forbearance or agreeing to a loan modification. Other options may include refinancing with a hard money loan or reverse mortgage.
Foreclosure is what happens when you can't pay your mortgage and the lender takes over owning your home. The lender then sells your home to pay off what you owe them. You have no control over how the home is sold and will be given notice to leave the property, sometimes even before it's sold.
In Pennsylvania, the process of foreclosure commences after you, the borrower, becomes at least 60 days late on their mortgage payments. Before the lender starts foreclosure, they will generally have to send out two letters through the mail to notify you of their intent to begin foreclosure soon.
Hear this out loud PauseYes. Generally, under Pennsylvania law, if you can catch up on the mortgage payments before the foreclosure sale actually occurs, the foreclosure has to stop. To stop the sale, you will also have to pay court costs and the lender's reasonable attorney's fees, however.
When a borrower misses their third consecutive mortgage payment, the lender normally files a lawsuit with the court to start the foreclosure process (also known as going 90 days past due on their loan).