Non-Judicial Foreclosure States List

  What Options Are Available to Borrowers Who Are in Danger of Non-Judicial Foreclosure? If you are like many homeowners facing non-judicial foreclosure , you may be wondering what the difference is between this type of foreclosure and judicial foreclosure. After all, they are both forms of selling your home. However, there are some significant differences in the process and outcomes of each type of foreclosure. Knowing the difference can help you in choosing which option is best for you and your specific situation. A judicial foreclosure happens when a court orders a lender to sell and seize the property used as security for a loan. The word is most commonly associated with residential real estate, but it can also apply to mobile homes and other stuff that are used as collateral. Once the lender obtains possession of the property, it will usually have to turn over the deed to the borrower. The borrower can then get a new mortgage from a different lender or refinance the current mortga

Non-Judicial Foreclosure States List There are two types of states by foreclosure type. The first type allows both judicial and non-judicial foreclosure proceedings. And the second type allows only one of them. We know how it’s essential to know which foreclosure type is in your state, so we created a non-judicial foreclosure states list. Most non-judicial foreclosure laws have priority procedures for borrowers to challenge foreclosure actions through non-judicial means. Once a borrower defaults in payments, other property owners can sue the homeowner to pay accrued debts. Suppose the borrower does not respond or make payments on time. In that case, these other property owners may file a lawsuit in the county court and ask a judge to issue a temporary restraining order against the borrower. The purpose of the restraining order is to give them time to get their day in court and pursue the case through non-judicial means. If you missed mortgage payments or got notice of default, contact