Foreclosing Judiciously

When a home owner fails to pay on the loan of their home, lenders begin the foreclosure process with a judicial sale. This process can take many months to complete. These sales are sanctioned in every state.

Judicial sales typically take place from six months to a year after the homeowner has defaulted. Occupants aren’t required to vacate the property until the house has been sold at the auction. Eviction notices are served to the occupants shortly after the sale.

Foreclosure by judicial sale is the required method in some states. These sales are assigned to a court-appointed official, who conducts the sale of the foreclosed property. This official will make sure that the purchaser of the foreclosed property receives valid article_title.