I have not made a payment since September 2008...., and wonder why it is taking so long? Believe me, I tried everything. I'm broke. Health issues, and I actually want them to take the house so I can stop paying the electric, water, maintaining the lawn, shoveling the walks in the winter, keeping oil in the tank, etc....
The time frame for an unopposed foreclosure varies from state to state. In Illinois, if a homeowner is not defending against the foreclosure, the process may take up to a year. However, if a homeowner chooses to fight back, it is possible to gain a considerable amount of time. Since you no longer wish to keep your property, I would advise contacting a licensed attorney in your area to see if your state allows a deed in lieu of foreclosure or a consent foreclosure.
A deed in lieu of foreclosure is when you deed your property back to the lender in exchange for being forgiven the entire amount of the mortgage. If you are already in litigation, a consent foreclosure may also be an option. A consent foreclosure involves the court issuing a judgment of foreclosure and giving title to the property back to the lender with both the lender and borrower’s consent. There is no sale and the defaulted mortgage is considered to be satisfied. Both of these options can be very powerful because you will not be liable for a deficiency judgment. Good luck to you.
This answer does not constitute legal advice and does not and is not intended to create an attorney-client relationship. The law may vary depending on the state in which you reside. It is intended only to give some direction in which to seek assistance.
Here are some Quick Facts about foreclosure in PA:
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: No
- Primary Security Instrument: Mortgage
- Timeline: Typically 90 days
- Right of Redemption: No
- Deficiency Judgments Allowed: Yes
In Pennsylvania, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
In Pennsylvania, the lender must send a notice of intent to foreclose to the borrower before any foreclosure proceedings may begin.
The notice of intent must be sent, by first class mail, to the borrower, at their last known address and if different, to the property secured by the mortgage. The notice should not be sent until the borrower is at least sixty (60) days behind in their mortgage payments.
In the notice, the lender must make the borrower aware that his or her mortgage is in default and that it is their (the lender's) intention to accelerate the mortgage payments if the borrower does not cure the default within thirty (30) days. This means that the remaining balance of the original mortgage will come due immediately.
If the borrower does not cure the default by paying the past due amount, plus any late charges that have accrued, within the thirty (30) days, the lender may then file a suit to try and obtain a court order to foreclose on the property.
If the court finds in favor of the lender and issues an order of sale, the property will be sold at a Sheriff's sale under the guidelines established by the court. The borrower has the right to cure the default and prevent the sale at any time up to one hour before the Sheriff's foreclosure sale.
Lenders have up to six months after the foreclosure sale to file for a deficiency judgment. Borrowers have no rights of redemption once the foreclosure sale is complete.
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Disclaimer: This answer does not constitute legal advice. I am admitted in the States of New York, New Jersey and Massachusetts only and make no attempt to opine on matters of law that are not relevant to those three States. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. Consult an attorney in your locale before you act on any of this advice. You should not rely on this advice alone and nothing in these communications creates an attorney client relationship. The opinions expressed herein are those of the author only and the fact that he has worked as an Assistant District Attorney; State Supreme Court Clerk; Special Assistant United States Attorney (Hawaii); Assistant Cornell University Counsel or Judge Advocate, United States Marine Corps should not be relied upon to assume that these statements reflect the policy of these organizations.