What Is the Process of a Nonjudicial Foreclosure?
A nonjudicial foreclosure is a process that allows lenders to repossess property without having to go through the court system. This relatively quick and efficient process is commonly used when homeowners default on their mortgage payments, but it can be used for other types of debt as well. During a nonjudicial foreclosure, the lender initiates the process by filing a Notice of Default (NOD) with the county in which the property resides. After receiving this notice, borrowers must decide whether or not they wish to take action and try to save their home.
The next step in the nonjudicial foreclosure process involves publishing a public announcement about the pending sale in local newspapers for three weeks. If no one takes action after this announcement, then an auction will be held where potential buyers can bid on the property.
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