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New Hurdle in the Pennsylvania Residential Foreclosure Process

Written by: on December 20, 2013 | Category: Blog | Tags: ,

On December 19, 2013, the Pennsylvania Housing Finance Agency (“PHFA”) issued an advisory memorandum relating to the new regulations from the federal Consumer Financial Protection Bureau (“CFPB”) and the effect on the PA Act 91 notices in residential mortgage foreclosures. Although the initial CFPB regulations required lenders to wait until a residential mortgage loan was at least 120 days delinquent before making the “first notice or filing” to initiate foreclosure,  the CFPB, as confirmed by the PHFA advisory memorandum, now states that lenders can send the Act 91 notice when a residential mortgage borrower is 60 days delinquent, as the “first notice” in Pennsylvania is the filing of the complaint in foreclosure. The PHFA specifically advises lenders that they may continue to send Act 91 notices to residential mortgage borrowers that are at least 60 days delinquent on their mortgage, however while the Act 91 notices may be sent as usual, it appears that residential foreclosure complaints may not be filed until the loan is at least 120 days delinquent. This is just another governmental hurdle in the Pennsylvania residential foreclosure process.

Thomas Capehart represents several local and regional banks in the areas of residential and commercial foreclosure.



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