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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.
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.