Re: Foreclosure Time Period In PA? - Posted by SueC
Posted by SueC on February 19, 2002 at 07:34:43:
Harold, there is no fixed time frame. The process is initiated by a complaint filed by the lienholder. The lienholder can decide to file the complaint at any time - when the homeowner is three months late or over ayear late on payments. A complaint has specific time frames for a response, trial dates, etc., just like any legal proceeding. That process can take any number of months, very few or many, demending on the complexity of the matter, any postponements to hearings, etc.
After a judgement is entered in favor of the lienholder, the property can only be sold at sheriff’s sale after it is advertised in the paper three times. This is where the 3 months comes from (you noted 4) - it is placed usually in consecutive issues of the local county bar journal and the local newspapers. At this point, the date for the sale is set, and advertised, and if the homeower does not make good the judgement against him or her, the property is sold at the advertised sheriff’s sale after the proper notice period.
In addition, in PA, there are other factors: There is a state law that requires the lender to provide information to the homeowner about state programs to help them pay their mortgage debt, and this process also can take an additional 90 days. So, as you can see, there is no fixed timeframe. Finally, local practice in your county may affect how things are done and the related timeframes.
I don’t know what your investing ideas consist of, a lot of people are farming foreclosures. Where in PA are you located? If I can help any more, please email me off list for specifics to your area. Hope this helps.