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Home Foreclosures - Judicial Process vs Non-Jud...

Foreclosures - Judicial Process vs Non-Judicial Process

I know we read alot on the internet when reading about the foreclosure process. Here is California we are a non-judicial state. Below is the difference for your refrence.

Two Different Systems: Judicial and Non-Judicial

Judicial Process Non-Judicial Process

Use state court system during foreclosure Use trustee to process foreclosure; courts not required
Homeowner carries the deed Beneficiary (investor) carries the deed
Default recorded at county courthouse Default recorded at county courthouse
Bank Investor must go through courts before foreclosure process can be initiated Bank Investor does not have to go through courts to initiate foreclosure process
Court verifies default status; sends homeowner Notice of Default No Notice of Default required; may send Notice of Trustee Sale notification
In most states, homeowner has 60 days at this stage in the process before home is sold at public auction In most states, homeowner has 22-30 days at this stage in the process before home is sold at public auction

Some states use both processes, depending on the way the mortgage was written. We encourage you to become familiar with the statutes and procedures for your own state.

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Posted Saturday Jan 28