Legal Question in Real Estate Law in Pennsylvania
Mortgage Foreclosure
I hold a mortgage on a property in Philadelphia, Pa
The owner of the property is consistently late with payments. He is now 6 months in arrears. How can I go about getting my money. He only owes about $8000 right now. His payments are approximately $200 a month. Would it be beneficial to file for foreclosure on the property, I am told it can be costly and since his balance is so low he has me. Right?? or not??
1 Answer from Attorneys
Re: Mortgage Foreclosure
It is costly to foreclose. However, you need an attorney to send the proper demand letters in order to give thirty days notice of intention to foreclose. However, the mortgagee will have to reimburse you for all reasonable expenses. Suggest you obtain the services of an attorney and send the notice out. If you are a first mortgagee I would proceed if the property is worth more that a judgment. You are in the drivers seat but need to evaluate all of your options with an attorney with expertise in this area.
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