Foreclosure Laws on Redemption Periods in Pennsylvania

The concept of redemption is used in the United States regarding the process of foreclosure. In certain states, a borrower who loses a property through foreclosure at auction is entitled to buy back the property from the new owner within a certain period of time following the sale. He must pay the sale price, plus the cost of any necessary maintenance that was done to the house in the interim. In the state of Pennsylvania, however, there's no right of redemption for a borrower following a legally executed foreclosure sale.

Foreclosures in Pennsylvania must be carried out through the court system. This process is known as a judicial foreclosure. Though certain states allow for nonjudicial foreclosures also, which allows a lender to foreclose on a property without involving the courts, Pennsylvania doesn't. As long as the proper notifications are given and proper filings made, the borrower has no recourse by which to reclaim his property at any point along the way, except for bringing the past due amount current.

Redemption is a legal right recognized in certain states but not in Pennsylvania. Once the gavel drops on the public auction sale, the property has a new lawful owner, and the prior owner can't invoke redemption as a strategy to get it back. At that point, the only hope the foreclosed property owner has is to challenge the legality of the foreclosure process --- a long shot at best, as the court system oversaw the foreclosure from beginning to end.

In Pennsylvania, as in certain other states, foreclosure ends when the lender accepts a bid on the property at auction. The new buyer must put down a good faith deposit --- normally $1,000 --- and then deliver the balance of the sales price within 24 hours. After that, the deal is sealed, and the old owner is obligated by law to vacate the premises. If the original owner hopes to retain any sort of legal claim to the property in Pennsylvania, he should ensure the foreclosure process never starts in the first place.

In the absence of any right to redemption, homeowners in Pennsylvania should make sure never to fall more than 60 days behind on their mortgage payments. That is the magic number recognized by the state as the point at which a lender can initiate a foreclosure. Of course, the borrower can stop the process at any time up to the actual sale by paying the amount due in full, but the more time that passes, the harder it becomes as that number due gets bigger and bigger. In this nonredemption state, the best option is to do whatever can be done not to fall behind.

State By State Foreclosure, Deficiency and Redemption Periods
www.simply-foreclosures.com/resources/procedures.htm
STATE FORECLOSURE PROCEDURES This is a general guide only, laws change and you need to check your state statutes for accurate, up to date procedures.
Pennsylvania Foreclosure Laws - Foreclosure.com
www.foreclosure.com Pennsylvania
Answers: How are mortgage liens treated in Pennsylvania? Pennsylvania is known as a lien theory state where the property acts as security for the underlying loan.
Foreclosure Laws and Procedures By State - Foreclosure Real
www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp
Learn about foreclosure laws and procedures by state and find out which states allow judicial and non-judicial foreclosures
Pennsylvania Foreclosure Laws - ForeclosureS.com
www.foreclosures.com/foreclosure-laws/pennsylvania
Pennsylvania Property Foreclosures Laws. What you need to know for foreclosed home, short sale, lender, investor, notice of sale or of default, borrower, etc.
Michigan bill could cut foreclosure redemption period Detroit ...
www.freep.com/article/20130602/NEWS06/...foreclosure-redemption-period
Michigan bill could cut foreclosure redemption period. Michigan lawmakers are considering changes to the state's foreclosure law, including a measure that would ...
Pennsylvania Foreclosure Laws - Foreclosure Real Estate
www.realtytrac.com/foreclosure-laws/Pennsylvania-foreclosure-laws.asp
Pennsylvania Foreclosure Laws In Pennsylvania, foreclosures are carried out through the court system. The foreclosure process takes about 10 months, not including the ...
California Foreclosure Laws - Foreclosure.com
www.foreclosure.com California
Answers: How are mortgage liens treated in California? California is known as a title theory state where the property title remains in trust until payment in full ...
State Foreclosure Laws American Foreclosure Specialists AFS
www.afscanhelp.com/foreclosure-laws.cfm
AFS has a listing of state foreclosure laws for all 50 states. This will help you understand what the mortgage company can do by law in your state.
What Happens After Foreclosure? Eviction, Redemption Periods ...
ezinearticles.com Real Estate Foreclosures
Nov 04, 2009 Short article about what happens after foreclosure. While what happens can vary depending on the state you live, this article will get pointed in the right ...
From Mortgage Default to Right of Redemption - Foreclosure
www.mortgagenewsdaily.com/822005_Default_Mortgage.asp
Foreclosure is the last thing a homeowner thinks about when giving a mortgage. But it happens. We will discuss the process and some solutions to a desperate situation.