What are the legal requirements of lenders for foreclosure defense?

In Pennsylvania, lenders who start the foreclosure process must meet certain legal requirements. These requirements are put in place to protect homeowners from an unfair foreclosure. First, lenders must send a Notice to Borrowers at least 30 days before they begin a foreclosure. The Notice must inform borrowers of the foreclosure process and their rights, including the chance for homeowners to enter into loan modification or other methods of foreclosure defense. Second, lenders must also make an effort to contact the borrowers and discuss a resolution to the foreclosure. This could include a loan modification or other payment arrangement. Third, lenders must provide borrowers with a written statement of accounting of all amounts due on the loan. This statement must be in a form acceptable to the Pennsylvania Supreme Court. Finally, borrowers must be able to submit a written response to the foreclosure action before the court can proceed with the foreclosure. The borrowers’ response must address the foreclosure in an accurate and timely manner. These legal requirements are designed to protect borrowers from an unfair foreclosure. In Pennsylvania, lenders are required to meet these requirements before they can begin the foreclosure process.

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What are the legal requirements of lenders for foreclosure defense?

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