Under Pennsylvania law, there is no statutory foreclosure right of redemption. The statute expressly states that ownership ends upon a Sheriff's sale. However, if the default is timely cured, the mortgage will be restored to the same position as though no default had occurred. Before acceleration is allowed, the plaintiff must give statutory notice by first class, registered, or certified mail. An owner is allowed 30 days to cure a default before foreclosure begins.
§ 7.4. Notice of intention to foreclose mortgage.
Before a residential mortgage lender is allowed to accelerate the maturity of a residential mortgage obligation; commence a legal action including mortgage foreclosure; or take possession of a security of the residential debtor for the residential mortgage obligation—the person shall give a residential mortgage debtor notice of the intention in a statutory form which includes the following language:
If you do not cure the default within THIRTY (30) DAYS, we intend to exercise our right to accelerate the mortgage payments. This means that whatever is owing on the original amount borrowed will be considered due immediately and you may lose the chance to pay off the original mortgage in monthly installments. If full payment of the amount of default is not made within THIRTY (30) DAYS, we also intend to instruct our attorneys to start a lawsuit to foreclose your mortgaged property. If the mortgage is foreclosed your mortgaged property will be sold by the Sheriff to pay off the mortgage debt.
You should realize that a Sheriff’s sale will end your ownership of the mortgaged property and your right to remain in it. If you continue to live in the property after the Sheriff’s sale, a lawsuit could be started to evict you.
You have additional rights to help protect your interest in the property. YOU HAVE THE RIGHT TO SELL THE PROPERTY TO OBTAIN MONEY TO PAY OFF THE MORTGAGE DEBT, OR TO BORROW MONEY FROM ANOTHER LENDING INSTITUTION TO PAY OFF THIS DEBT. [YOU MAY HAVE THE RIGHT TO SELL OR TRANSFER THE PROPERTY SUBJECT TO THE MORTGAGE TO A BUYER OR TRANSFEREE WHO WILL ASSUME THE MORTGAGE DEBT, PROVIDED THAT ALL THE OUTSTANDING PAYMENTS, CHARGES AND ATTORNEY’S FEES AND COSTS ARE PAID PRIOR TO OR AT THE SALE, [AND THAT THE OTHER REQUIREMENTS UNDER THE MORTGAGE ARE SATISFIED]. YOU HAVE THE RIGHT TO HAVE THIS DEFAULT CURED BY ANY THIRD PARTY ACTING ON YOUR BEHALF.
If you cure the default, the mortgage will be restored to the same position as if no default had occurred. However, you are not entitled to this right to cure your default more than three times in any calendar year.
§ 31.203. Notice; application procedures.
(a) Before a mortgagee accelerates the maturity of a mortgage obligation, commences legal action including mortgage foreclosure to recover under the obligation, or takes possession of a security of the mortgage debtor for the mortgage obligation, the mortgagee is required to give notice in the form set forth in Appendix A, subject to the following requirements:
(1) The notice shall be sent by first class mail to the last known address of the homeowner and if different, to the residence which is the subject of the mortgage. The notice shall also be sent by registered or certified mail.
(2) The notice should be sent at the point the homeowner is at least 60 days contractually delinquent in his mortgage payments or is in violation of other provisions of the mortgage.
Talk with an Attorney
Although you have no statutory right of post-sale redemption in Pennsylvania, you do have options to cure the default to retain your home. Talk with an attorney to determine your rights under Pennsylvania's foreclosure laws.
