What Is the Process of a Nonjudicial Foreclosure?
Nonjudicial foreclosure is a process of seizing property in order to pay off a loan or debt. This foreclosure method occurs without the involvement of a court of law and is typically faster than judicial foreclosures, which require the oversight and approval of a judge. Understanding the process of nonjudicial foreclosure can help you protect your rights if you are facing financial difficulty and are at risk for losing your home.
The first step in understanding nonjudicial foreclosure is to learn about what it entails. This type of foreclosure takes place when a lender initiates proceedings against an individual who has defaulted on their mortgage or loan payments. A notice must be provided to the borrower that states intent to take possession and sell their property if payment cannot be made within 30 days. If this deadline passes without payment being received, the lender can then proceed with recovery proceedings without further legal action or court orders.
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