Foreclosure Help in Pennsylvania
Pennsylvania is a judicial foreclosure state, meaning foreclosure cases must be settled in court. This means homeowners can expect parties wishing to foreclose on their homes to follow a strictly outlined set of legal procedures, and have the ability to inform themselves of their rights and responsibilities. Let’s take a look at homeownership as a whole in Pennsylvania.
Pennsylvania in the national context
Pennsylvania exhibits lower than average housing prices, household income, and median property value than the national average. Nevertheless, the state has demonstrated a gradual increase in housing prices and income in the past years, alongside a mostly flat population size, indicating increased financial range of many Pennsylvania residents. Another comparison of note is the total rate of homeownership – PA’s 69% is well above the low 60 percentiles that other states have remained at since the recession.
Trends
Pennsylvania is home to Allentown, the American metropolitan area with the highest rate of homeownership nationwide. Though Allentown, as part of the rust belt, was hit hard by the recession, in recent years new distribution centers built by large retail companies like Amazon and Walmart have brought a new source of income to the region. The influx of new jobs, combined with Pennsylvania’s overall high rates of homeownership, indicate a market not filled with opportunity for buyers.
Have a specific question about Avoiding Foreclosure in Pennsylvania? Check out our Foreclosure FAQ’s section.
Foreclosure Resources
Nevertheless, foreclosure remains a real possibility for many, including some homeowners in Pennsylvania. Here are a few resources they can turn to:
- a housing counselor service provided by the HUD – including an online search for services in your area, and a phone line offering assistance finding help
- the PA Housing Finance Agency, a Pennsylvania organization offering help to residents and homeowners, including mortgage assistance loans
Legal help may be essential in many to most Pennsylvania foreclosure cases, due to the judicial nature of foreclosure proceedings in the state. This means that homeowners should take care to inform themselves of their rights and responsibilities, especially before seeking paid legal counsel. Utilizing state-provided resources and other resources free of charge can help avoid costly legal expenses.