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§ 404. Right to cure a default

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. § 404
§ 404. Right to cure a default
Currentness
(a) Notwithstanding the provisions of any other law, after a notice of intention to foreclose has been given pursuant to section 403 of this act, at any time at least one hour prior to the commencement of bidding at a sheriff sale or other judicial sale on a residential mortgage obligation, the residential mortgage debtor or anyone in his behalf, not more than three times in any calendar year, may cure his default and prevent sale or other disposition of the real estate and avoid acceleration, if any, by tendering the amount or performance specified in subsection (b) of this section.
(b) To cure a default under this section, a residential mortgage debtor shall:
(1) Pay or tender in the form of cash, cashier's check or certified check, all sums which would have been due at the time of payment or tender in the absence of default and the exercise of an acceleration clause, if any;
(2) Perform any other obligation which he would have been bound to perform in the absence of default or the exercise of an acceleration clause, if any;
(3) Pay or tender any reasonable fees allowed under section 406 and the reasonable costs of proceeding to foreclosure as specified in writing by the residential mortgage lender actually incurred to the date of payment.
(4) Pay any reasonable late penalty, if provided for in the security document.
(c) Cure of a default pursuant to this section restores the residential mortgage debtor to the same position as if the default had not occurred.

Credits

1974, Jan. 30, P.L. 13, No. 6, § 404, effective in 60 days.
41 P.S. § 404, PA ST 41 P.S. § 404
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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