The notice is on the door. Either you pay up or move out. Eviction is no fun, especially when the bank is forcing you to pack up your belongings and relocate. Although this may be a stressful time, you can stop foreclosure Pittsburgh.
Three Types of Foreclosure
There are three ways that a bank can take away property when the mortgage becomes delinquent. The financial institution can:
a.) File suit with the judicial system and leave it up to the courts to auction off the property after giving notice of delinquency to the borrower.
b.) Utilize the power of sale, also known as statutory foreclosure, and sell off real estate property in the absence of judiciary intervention. The mortgage company, not the courts, holds a public auction after issuing a notice of delinquency in this instance.
c.) File a lawsuit with the courts requesting the property be returned, and not auctioned off, if the borrower fails to remit full payment. This method is known as strict foreclosure and usually takes place when the amount owed is greater than the property’s value.
Judicial foreclosure is the only type of forced real estate eviction allowed in the Keystone state. Lenders must give borrowers notice of default by way of United States Postal mail when they are at least 60 days behind on mortgage payments. Borrowers will then have 30 days from the date of notice to either pay the full amount owed or conduct a short sale on the property to avoid foreclosure. Although the process usually takes 90 days from the notice of default to carry out, a foreclosure is not legally complete until six months after the date of sale. There is no right of redemption after a foreclosure is complete.
Caymus Realty Solutions is Your Alternative
Consider our services if you are facing the devastation of foreclosure and have no means of paying outstanding debt. We pay cash for houses and offer fair market value for homes. Fill out and submit an inquiry at our website to learn more about our services and stop foreclosure Pittsburgh.
Photo: Chicago Tribune