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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | April 10, 2024 02:40 PM |
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| From: | Representative Scott Conklin |
| To: | All House members |
| Subject: | Pre-Foreclosure Notification |
| Home ownership is a cornerstone of the American dream. Understandably, when tragedy strikes and a homeowner faces mortgage foreclosure, it can be a very difficult time. During these times, it is important that the homeowner receive all notices to be afforded every opportunity to resolve the issue and not lose the home. In Pennsylvania, a mortgage foreclosure notice is required by the Loan Interest and Protection Law and by the Housing Finance Agency Law. The notice alerts the homeowner to a mortgage foreclosure action and critical loan information including the total amount due which would be different for each mortgage foreclosure action filed. Despite the different information required for each notice, neither law currently requires the lender to provide an additional pre-foreclosure notice prior to initiating each subsequent mortgage foreclosure action. Therefore, I plan to introduce two separate bills to amend each law clarifying that a pre-foreclosure notice must be provided each time the lender initiates a mortgage foreclosure action. Join me in protecting our homeowners and giving them every opportunity to be informed and address a mortgage foreclosure action. |
Document #1
| Description: | Document #1: Would amend the Loan Interest and Protection Law to amend each law clarifying that a pre-foreclosure notice must be provided each time the lender initiates a mortgage foreclosure action. | |
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Document #2
| Description: | Document #2: Would amend the Housing Finance Agency Law to amend each law clarifying that a pre-foreclosure notice must be provided each time the lender initiates a mortgage foreclosure action. | |
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