Foreclosure State Laws:
Foreclosure Laws Vary from State to State
The home foreclosure process and laws vary from state to state.
This is why it is important to know what your state laws and regulations are, and if you can scrounge up the money, you should consult with a professional attorney.
The two primary types of foreclosure process are known as judicial and nonjudicial.
- Judicial means a judges involved,
- and nonjudicial obviously means a judge is not involved.
In states which require a judicial foreclosure judgment, the lender must go to court and plead their case as to why your home should be taken away and put up for auction.
Usually when the complaint is first filed, a court date is set so that both the lender and the homeowner can present their cases.
As anything in bureaucracy, the judicial process can take quite some time.
Even after a judgment is made in favor of the lender, there may be many months before the house is actually auctioned off.
This period of time is often beneficial to the homeowner, because they may be able to fix whatever financial problems caused the foreclosure to begin with.
If the problems remain, the house will eventually be auctioned off.
In some states this is referred to as a courthouse auction, while in others it's called a sheriff's sale.
Usually as soon as the sale is completed, the homeowners will be escorted out of the home if they are still living there.
In other states there is no quarter preceding or judge ruling needed to start a foreclosure process.
Instead the lender simply files a notice of default at the county recorder's office, and mail is sent to the homeowners to notify them of the proceeding. The notice of default may even be published in the newspaper as well.
Generally there is some leeway time for the homeowner to try and make things right with the lender after this notice is filed. This is often known as the redemption period.
This time also varies from one state to another. One state may allow three months while another requires only time for six months.
If you are a homeowner, and you do not know what the current rules, laws and regulations are for your state, find out!
This is particularly important if you are struggling to make your mortgage payments, and you worry that you may find yourself going into foreclosure sometime soon.
Even if you're not worried about being foreclosed on, it's always good to know how the process works so you can be prepared to solve the problem if it ever arises.
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