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What Mobile Home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster Can Expect During the Foreclosure Process

What is Foreclosure?

Foreclosure is a legal process by which a lender or creditor attempts to recover the amount owed on a defaulted loan by taking ownership and selling the property or asset that was used as collateral for the loan. In the context of real estate, foreclosure refers to the process of a mortgage lender or bank taking possession of a property and selling it in order to recover the unpaid balance on a mortgage loan after the borrower has failed to make payments as agreed. The foreclosure process typically involves a series of legal steps and can vary depending on the state and type of loan.

If you’re worried about your mobile home property facing foreclosure due to circumstances beyond your control, it is best to try and work with your lender to find a resolution before the situation worsens. However, having an understanding of what lies ahead during the mobile home foreclosure process can make things easier for mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster. Keep reading as we delve into what you can expect during the mobile home foreclosure process.

What is foreclosure process in PA?

In Pennsylvania, the foreclosure process typically begins when a homeowner defaults on their mortgage payment. The lender or mortgage servicer will then send a notice of default to the homeowner, which starts the foreclosure process. The notice of default will typically include a deadline for the homeowner to bring the mortgage current, or they will face foreclosure.

If the homeowner does not bring the mortgage current, the lender or mortgage servicer will file a foreclosure complaint with the court. The homeowner will then receive a copy of the complaint and will have the opportunity to respond. If the homeowner does not respond, the court will typically enter a default judgment in favor of the lender.

If the homeowner does respond, the case will go to court, and the judge will determine whether the homeowner is in default and whether foreclosure is appropriate. If the judge rules in favor of the lender, a sheriff’s sale will be scheduled, and the home will be sold at auction to the highest bidder.

In Pennsylvania, homeowners have the right to redeem their property up until the time of the sheriff’s sale by paying the full amount owed on the mortgage, plus any additional fees or costs. Once the sheriff’s sale takes place, the homeowner loses their right to redeem the property. After the sale, the proceeds will be used to pay off the mortgage, and any remaining funds will be distributed to the homeowner. If the sale does not generate enough funds to pay off the mortgage, the homeowner may still be responsible for the remaining balance.

Default

As lenders understand that mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster may go through temporary financial hardships, there is often a grace period for these situations. However, suppose you’ve fallen behind in payment and don’t see any options on the horizon. In that case, you can expect the lender to contact you in every way possible way during the mobile home foreclosure process, while attempting to work out a payment arrangement in order to avoid further action. 

Notice of Default

Importantly, lenders will issue a notice of default to mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster; this gives you 90 days during the foreclosure process in order to pay the bill. 

Mortgage Reinstatement

Mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster who have entered the mobile home foreclosure process but can catch up with past due payments, including interest and any penalties, can stop the process at this point by working with the lender to reinstate the mortgage, then continue paying their mobile home mortgage as usual.

Once there is a Notice of a Mobile Home Sale, once 90 days have passed after the notice of default, the next step that mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster can expect during the foreclosure process is the notice of sale; within 21 days, the mobile home property will be put up for auction by the trustee (the lender).

Auction

During the foreclosure process, the final step for mobile homeowners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster is the auction, where the winning bidder must pay immediately for the property. Should the mobile home not sell at auction, an REO may occur or the real estate owned property may be converted back to the lender. If you’ve yet to vacate the premises, you can expect the buyer to serve an eviction. With an REO, the lender may attempt to assist you with moving, offering cash for keys in order to attain possession. 

Another Option

For mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster facing foreclosure, another option includes a direct sale to local professional buyers like those at Sell Your Mobile Home Fast Buying Expert. First, the professional buyers at Sell Your Mobile Home Fast Buying Expert will detail the expenses, as well as what you’d profit by listing your mobile home property, while then advising you of the average days on the Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster real estate market. Then, professional buyers from Sell Your Mobile Home Fast Buying Expert provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. In addition, we’ll provide you with a guaranteed closing date, often within days. We do this at Sell Your Mobile Home Fast Buying Expert for two reasons. First, we want you to make an educated decision about what is best for your particular situation. Second, at Sell Your Mobile Home Fast Buying Expert, as we are your neighbors here in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster, living and working alongside you as a part of the community, we want you to feel good about the deal long after you’ve left the closing table. 

Sell Your Mobile Home Fast Buying Expert

Selling directly to Sell Your Mobile Home Fast Buying Expert can turn everything around for mobile home owners in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Sell Your Mobile Home Fast Buying Expert is complete transparency and no pressure. And, to save you even more money, at Sell Your Mobile Home Fast Buying Expert, we buy mobile homes as-is for cash in Shelton, Stroudsburg, Allentown, Reading, Levittown, Philadelphia, Bethlehem, Scranton, Bensalem Township, Harrisburg, Lancaster, meaning you can keep your wallet in your pocket and forget about repairs, prepping, or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Sell Your Mobile Home Fast Buying Expert, as well as speak with us about the arrangements that would work best for you. Call Sell Your Mobile Home Fast Buying Expert at 570-775-5777.

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