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All states allow this type of foreclosure, and some require it. In a judicial foreclosure, the lender files a type of lawsuit with the judicial system to foreclosure on the property. The borrower will receive a notice in the mail demanding payment. The borrower then has only 30 days to respond with a payment in order to avoid foreclosure. If a payment is not made after a certain time period, the mortgaged property then proceeds into foreclosure and is sold at a public auction to the highest bidder, carried out by a local court or sheriff’s office.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.
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