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Foreclosure process Foreclosure timeline Effects of foreclosure Non-judicial foreclosure process Non-judicial foreclosure facts Steps in a trustee's sale Judicial foreclosure Steps in a judicial foreclosure

Foreclosure Process

The foreclosure process used depends primarily on whether the state uses mortgages or deeds of trust for the purchase of real property. Generally, states that use deeds of trust conduct non-judicial foreclosures; states that use mortgages conduct judicial foreclosures. The principal difference between the two is that the judicial procedure requires court action.

 

Steps in a Judicial Foreclosure Lender files lawsuit against borrower and anyone else who has acquired an interest in the property after the mortgage being foreclosed was recorded Lender shows evidence of default of loan to court Lender asks for judgment instructing that: The borrower's interest in the property be severed The property to be sold at a public auction The lender's demand to be paid from the sale Copy of complaint and summons delivered to defendants Lis pendens filed — informs public of litigation pending Public auction held, property sold to highest bidder Highest bidder receives sheriff's deed or certificate of sale Statutory redemption allowed in some states

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