What is a Power of Sale Foreclosure?

A Power of Sale Foreclosure, also known as statutory foreclosure, is allowed by many states if the mortgage includes a "power of sale" clause. After a homeowner has defaulted on mortgage payments, the lender sends out notices demanding payments. Once an established waiting period has passed, the mortgage company itself - rather than local courts or sheriff's office - carries out a public auction. Non-judicial foreclosure auctions often proceed fairly quickly, though they may be subject to judicial review to ensure the legality of the proceedings.

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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives 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 and alternatives attorney to discuss your specific legal situation.

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