All states allow this type of foreclosure, and some require it. In a judicial foreclosure, the lender files a type of lawsuit with the judicial system to foreclosure on the property. The borrower will receive a notice in the mail demanding payment. The borrower then has only 30 days to respond with a payment in order to avoid foreclosure. If a payment is not made after a certain time period, the mortgaged property then proceeds into foreclosure and is sold at a public auction to the highest bidder, carried out by a local court or sheriff's office.
Speak to an Experienced Foreclosure Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure 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 attorney to discuss your specific legal situation.