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Judicial Foreclosure Compared to Non-Judicial Foreclosures
By admin | April 9, 2010
Every US state handles foreclosure in a different way, but most fall into two general categories: those that provide for judicial foreclosures and those which do not.
Generally speaking, a judicial foreclosure is processed through the state’s court system after a lender files a complaint as well as records a notice of Lis Pendens (latin for suit pending). Â Once a notice is filed, the foreclosure process is formally considered to have begun. Â This process takes some time, during which the homeowner generally retains possession of the property and can still potentially sell or refinance.
Properties are considered to be in a status known as preforeclosure starting with the filing date of lis pendens until the property is finally sold at auction. Â This period will very in length depending on the state, but generally lasts at least 3 months and can take a year or more.
The lender’s complaint states the amount of debt, its status, and the cause by which the lender deserves to be permitted to foreclose and take possession of the property.
Generally the homeowner will be served a notice of the complaint, though the manner in which this is served can vary.
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April 9th, 2010 at 6:25 am
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