Super Lawyers Rising Stars
Avvo Rating 10
Avvo Clients' Choise Award
National College for DUI Defense
Lead Counsel Rated
The National Trial Lawyers Top 40 under 40
National Association of Criminal Defense Lawyers
PACDL
Expertise

Are You Facing Foreclosure on Out of State Property?

Handling a home mortgage, while dealing with a financial crisis, can be a big blow. When you are falling behind for your mortgage payments, you are actually risking facing a foreclosure on your property.

This is the standard fact when you own the property in the same state. But what about the property which is out of state? Is the procedure of foreclosure the same? If possible, can you reverse this situation and keep the property too? Having these questions in mind is common. And for that, you need to know the right facts. Only an experienced Pittsburgh bankruptcy lawyer can help you understand the situation and give you all the necessary answers.

The Process of Foreclosure

When you are falling behind for your mortgage payment, it is obvious that you will be facing foreclosure. The process of it is surely a daunting one. But the good part of foreclosure is that it doesn’t happen overnight. It consists of step by step process that takes time. And that is what can be useful for you. It can buy you some time which you can use for stabilizing your finances.

Typically, at first, you will get a notice from your bank which generally comes with a short grace period. If the mortgage payment has been stopped for some small reason, this can be the best time to rectify it and start the payment. After this, you will get a notice of default or NOD. This you will get after an approximate time of 30 days without payment. This NOD will also give you some time so that you can cure the default and make the payments. Or after this, you will be facing foreclosure.

If you fail to initiate payment after these initial warnings, you will get the notice for foreclosure. The notice of foreclosure will contain a lot of useful information like the amount you owe to the bank, the interest of that, and the attorney information. Once you receive the notice, the bidding will start. After that, the property will go to the highest bidder. Often in most cases, the highest bidder is the bank. After that, you will have to vacate the property or you will be evicted.

State Foreclosure Law

When it comes to foreclosure of out of state property, it can be divided into two different groups:

  • Judicial that use mortgages
  • Non-judicial or which use the deeds

If you own a property in Pennsylvania, then the foreclosure will be judicial and will take 270 days of processing, the longest process period in the country. For this kind of judicial foreclosure, the court will get involved. This means that you will be receiving a summons and the foreclosure will take place in court.

If you are in Pennsylvania and have a property in a different state, this secondary home will be a non-exempt property which means this will be subjected to relinquishment to the creditors during your bankruptcy. Now, whether this secondary home will be foreclosed on or not, will be a matter of cost vs. benefit.

For further details, come to Pittsburgh Bankruptcy Law Group. Our Pittsburgh bankruptcy lawyer will help you understand it better.

Client Reviews
★★★★★
Mr. Logue came to me for my consultation, which was nice! He helped me better understand my situation so I could weigh my options. He kept me updated on any new information about my case, and I could always easily contact him if I had any questions. I knew I was in good hands, and I got the best possible outcome for my case! Anonymous
★★★★★
Sean Logue accomplished an incredible thing for me by handling my legal matters. If you need help, this is the man to represent you...he's very keen, knowledgeable, and efficient in guiding you to freedom. The trust and loyalty he gives you is very down to earth, so if you need a lawyer this is the best one. You can feel totally confident in Sean's hands. Excellent job, thank you for taking the time for me, you took all my worries away...God bless your future. Anonymous
★★★★★
Mr Logue was the one I hired after talking to other attorneys about my case. He was the most knowledgeable and explained everything to me about his plan for me moving forward. He was always available to answer my questions and fought hard for me!! Don't waste your time looking for anyone else to help you. Mr Logue did an amazing job and very professional! Anonymous
★★★★★
Atty. Logue represented me well and took care of my legal issues superbly. He is a no-nonsense, very knowledgeable and well respected lawyer. I was pleased with his services. Would definitely recommend Atty. Logue to others. Anonymous
★★★★★
Mr. Logue is good for one reason, he cares. A client is not a quick buck. He always answers his phone, day or night and he understands the law better than anyone. He always answers my calls for both corporate and personal legal decisions and I have a ton of questions. His rates are reasonable too. Fair and firm. Anonymous