Pennsylvania Clauses Relating to Defaults, Default Remedies
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Second, before a residential mortgage can be foreclosed in Pennsylvania, the lender must give a 30-day notice of intention to foreclose (also known as an Act 6 Notice), giving the borrower an opportunity to cure, and prohibiting the lender from collecting attorneys' fees incurred during the notice period.
4 Elements of a Breach of Contract Claim (and more) The existence of a contract; Performance by the plaintiff or some justification for nonperformance; Failure to perform the contract by the defendant; and, Resulting damages to the plaintiff.
There are three major elements required for a breach of contract action in Pennsylvania: a valid, enforceable contract must exist; there must be a breach of a duty imposed by that contract; and this breach results in damages.
In Pennsylvania, three elements are necessary to properly plead a cause of action for breach of contract: "(1) the existence of a contract, including its essential terms, (2) a breach of a duty imposed by the contract and (3) resultant damages." CoreStates Bank, Nat'l Assn. v. Cutillo, 723 A.
Under Pennsylvania law, parties asserting claims for breach of contract must allege the following three elements: ?(1) the existence of a contract, including its essential terms; (2) a breach of duty imposed by the contract; and (3) resultant damages.? Alpart v. Gen. Land Partners, Inc., 574 F. Supp.
Section 404 - Right to cure a default (a) Notwithstanding the provisions of any other law, after a notice of intention to foreclose has been given pursuant to section 403 of this act, at any time at least one hour prior to the commencement of bidding at a sheriff sale or other judicial sale on a residential mortgage ...
--(a) Before any residential mortgage lender may accelerate the maturity of any residential mortgage obligation, commence any legal action including mortgage foreclosure to recover under such obligation, or take possession of any security of the residential mortgage debtor for such residential mortgage obligation, such ...
Four Types of Damages Available in a Breach of Contract Compensatory damages. Compensatory damages aim to restore the party who did NOT breach the contract back to the position they would have been in if the other party had held up their end of the deal as promised. Punitive damages. ... Nominal damages. ... Liquidated damages.