 |
judicial foreclosure process
If you live in a state where a judicial foreclosure is used the process is as follows:
- The lender files a lawsuit to foreclose. In that lawsuit he names you, the borrower and all others who have a lien on the property as defendants.
- You (and other lien holders) are legally notified or summoned by the court.
- A notice of lis pendens is filed with the county. This notice just says that there is a lawsuit pending.
- Once notified you have 20 days to respond with your side of the story.
- If you don't reply or if the judge rules against you the judge then orders that the loan be foreclosed on and that a public foreclosure auction sale date be set.
- The foreclosure auction sale is advertised.
- The property is sold to highest bidder.
- There's a redemption period (its length depends on the state) in which you have the right to pay the loan off and still keep your property.
- The new buyer gets title after this period has expired.
Click here to go to "Foreclosure Directory"
Return from "judicial foreclosure" page to "home" page
|
|
