The Real Estate Encyclopedia
Non-Judicial Foreclosure
Category - Real Estate Glossary - Real Estate Terminology
1.   Non-judicial foreclosures are processed without court intervention, with the requirements for the foreclosure established by state statutes. Non-Judicial foreclosures are possible due to a "Power of Sale" clause in the mortgage or deed of trust.

2.   When a loan default occurs, the homeowner will be mailed a default letter, and in many states, a Notice of Default will be recorded at approximately the same time. If the homeowner does not cure the default, a Notice of Sale will be mailed to the homeowner, posted in public places, recorded at the county recorder's office, and published in area legal publications. After the legally required time period has expired, a public auction will be held, with the highest bidder becoming the owner of the property, subject to their receipt and recordation of the deed. Auctions of non-judicial foreclosures will generally require cash, or cash equivalent either at the sale, or very shortly thereafter.


References
 
Category(s)
Real Estate Glossary - Real Estate Terminology
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