PROCESS
Lender files a lawsuit in state court.
Notice provided
When the lender files the complaint in court, the borrower is served notice of the complaint in-person, by mail, or by publication. Once the court issues a judgment, the lender may send a notice of sale.
Officials typically involved
Court
Typical loan document
Mortgage
Timeline to complete a foreclosure
Months to years
States that predominantly use this type of foreclosure
- Judicial
- Nonjudicial
|
|
PROCESS
Lender follows specific state procedures. Generally, a notice is recorded and mailed to the borrower (though the requirements vary).
Notice provided
In a nonjudicial foreclosure, the borrower might receive:
- a notice of default followed by a notice of sale
- a combined notice of default and sale
- a notice of sale stating that the property will be sold on a certain date, or
- notice by publication in a newspaper and posting on the property or in a public place.
Officials typically involved
County recorder
Typical loan document
Deed of Trust with a power of sale clause
Timeline to complete a foreclosure
Usually months
