Pennsylvania Proposed Order Extending The Loss Mitigation Period is a proposed order issued by the Pennsylvania Supreme Court which extends the period of time during which homeowners can work with their mortgage service or lender to avoid foreclosure. This order was issued in response to the COVID-19 pandemic and the resulting economic impacts, and it requires lenders to work with homeowners for an extended period of time to explore options to prevent foreclosure. The order applies to any existing or new loss mitigation agreements between mortgage services and homeowners, including forbearance agreements, repayment plans, loan modifications, or other methods that may be available to help homeowners avoid foreclosure. It effectively extends the timeline within which a homeowner can work with their service to reach a mutually beneficial agreement beyond the current statutory timeline. There are two types of Pennsylvania Proposed Order Extending The Loss Mitigation Period: 1. The first type applies to all mortgages that are secured by a one- to four-family residential property located in Pennsylvania. 2. The second type applies to all mortgages that are secured by a commercial property located in Pennsylvania.
Pennsylvania Proposed Order Extending The Loss Mitigation Period
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