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§ 403. Notice of intention to foreclose

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 41 P.S. Interest

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 41 P.S. Interest (Refs & Annos)
Maximum Interest Rates (Refs & Annos)
Article IV. Protective Provisions
41 P.S. § 403
§ 403. Notice of intention to foreclose
Currentness
(a) Before any residential mortgage lender may accelerate the maturity of any residential mortgage obligation, commence any legal action including mortgage foreclosure to recover under such obligation, or take possession of any security of the residential mortgage debtor for such residential mortgage obligation, such person shall give the residential mortgage debtor notice of such intention at least thirty days in advance as provided in this section.
(b) Notice of intention to take action as specified in subsection (a) of this section shall be in writing, sent to the residential mortgage debtor by registered or certified mail at his last known address and, if different, at the residence which is the subject of the residential mortgage.
(c) The written notice shall clearly and conspicuously state:
(1) The particular obligation or real estate security interest;
(2) The nature of the default claimed;
(3) The right of the debtor to cure the default as provided in section 404 of this act and exactly what performance including what sum of money, if any, must be tendered to cure the default;
(4) The time within which the debtor must cure the default;
(5) The method or methods by which the debtor's ownership or possession of the real estate may be terminated; and
(6) The right of the debtor, if any, to transfer the real estate to another person subject to the security interest or to refinance the obligation and of the transferee's right, if any, to cure the default.
(d) The notice of intention to foreclose provided in this section shall not be required where the residential mortgage debtor, has abandoned or voluntarily surrendered the property which is the subject of a residential mortgage.

Credits

1974, Jan. 30, P.L. 13, No. 6, § 403, effective in 60 days.
41 P.S. § 403, PA ST 41 P.S. § 403
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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