17 Aug Foreclosure Laws Differ From State To State
There are two types of foreclosures in the United States: judicial and non-judicial. Judicial foreclosure requires a court hearing to proceed. The non-judicial type usually just requires a trustee or escrow company to comply with proper notices and then sell the property, sometimes with a sheriff. Some states allow both kinds of foreclosures, and some just the judicial process.
Generally, a non-judicial foreclosure is a lot quicker than the judicial kind, so in states allowing either, the norm is for non-judicial foreclosures. California, for example, allows both kinds of foreclosures, but there are about 99 non-judicial foreclosures for every judicial one!
My colleague, Mike Doan, wrote a couple of excellent posts on the non-judicial process in California. Likewise, there are a myriad of posts on the judicial process in these pages. (See, for example, New York foreclosure defense lawyer Jay Fleischman’s excellent discussion of New York foreclosure laws.)
Which type of state are you in? Check this map for your stateâ€™s laws. And always check with a competent and knowledgeable attorney in your area.
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