Pennsylvania Forclosure Law

What is the name of your state? Pennsylvania
A friend has not made a mortgage payment in over 5 years. The original mortgage has been sold to numerous banks. I heard a rumor that if a bank has tried and failed to forclose - there is some kind of protection for the owner. Any truth or just wishful thinking ? Any advise - appreciated as friend is disabled with dependents - and I do not want to see them on the street.

Ameth in Philly

[HomeGuru]

Originally posted by ameth
What is the name of your state? Pennsylvania
A friend has not made a mortgage payment in over 5 years. The original mortgage has been sold to numerous banks. I heard a rumor that if a bank has tried and failed to forclose - there is some kind of protection for the owner. Any truth or just wishful thinking ? Any advise - appreciated as friend is disabled with dependents - and I do not want to see them on the street.

Ameth in Philly

**A: sounds like an urban legend, real estate tales etc. Although in rare cases, if the lender violated Federal Law with respect to making the loan ie: violation of the Truth-In-Lending Act etc., Courts have adjudicated in favor of the mortgagor wiping out the mortgage.