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Judicial Foreclosure or
Court Foreclosure Process |
Court foreclosure,
also know as judicial foreclosure, involves the court system. This
foreclosure process make take over a year and borrower has the right
of redemption after the foreclosure sale.
Court foreclosure proceeds as follow: |
- Borrower
(Mortgagor) is in default or breach of mortgage contract.
- Lender
(Mortgagee) who holds note and mortgage contract brings court
action.
- Court order
property sold.
- Commissioner
appointed by the court advertises "Notice of Sale" once a week
for 3-weeks and posts notice on property.
- A certificate
of sale is issued at time of sale to the buyer.
- Borrower has
1-year to redeem property and to remain in possession.
- A sheriff's
deed is issued 1-year after the sale.
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| If you need
assistance because your are
facing foreclosure
or want to learn more about the foreclosure process, call now, Mario
Perez, 626-688-0114.
Other topics:
1.
What is non-judicial foreclosure or Trustee's sale |
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