In a case of first impression, the Supreme Court of Pennsylvania has issued an opinion that will make it easier for banks to foreclose on delinquent properties.
In Beneficial Consumer Discount v. Vukman, No. 29 WAP 2012 (Pa. Sept. 25, 2013), the plaintiff mortgage holder, Beneficial Consumer Discount Co., filed a mortgage foreclosure complaint against the property owner, Pamela A. Vukman. Prior to the filing of the complaint, Beneficial had provided Vukman with the so-called Act 91 notice. The parties eventually agreed to a settlement whereby Beneficial received judgment for the accelerated amount due on the mortgage, but, in turn, agreed not to execute on the judgment as long as Vukman made regular payments. Subsequently, Beneficial filed an affidavit alleging Vukman had defaulted on her obligations under the settlement agreement and filed a praecipe for writ of execution. The property was ultimately sold at a sheriff’s sale, with Beneficial as the property’s successful bidder.
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