Buying A Property In A Judicial Foreclosure Process
If you’re searching through foreclosures were the state requires the use of judicial foreclosure proceedings, it’s important to understand the foreclosure rules of that particular state. There are 24 states in our country that required judicial foreclosures, and five that have stipulations for both judicial and non-judicial foreclosures depending on the type of mortgage or trust documents involved.
A judicial foreclosure must have court authority to repossess a person’s home. You’ll find these types of foreclosures when a trust deed or mortgage does not include a power-of-sale clause, which means the mortgage lender must file suit against the borrower. This tends to be a much longer and more expensive process than a non-judicial foreclosure.
A judicial foreclosure begins when the mortgage lender files a lawsuit to foreclose and indicates the borrower in default, which could be the mortgagor or trustor, as the defendant. Additional defendants named in the suit could be any lien holders of record that have a vested interest in the property.
If you’re interested in searching for non-judicial homes for sale in Irvine California, check out these Irvine homes for sale.
June 30, 2010 at 10:15 pm Comments (0)