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Summary:
| Judicial Foreclosure |
Yes |
| Non-Judicial Foreclosure |
Yes |
| Security Instruments |
Deed of Trust, Mortgage |
| Right of Redemption |
Yes |
| Deficiency Judgments |
Yes |
| Time Frame |
Usually 90 days |
Judicial Foreclosure: In the absence of a power of sale clause in the loan document that authorizes the lender, in event of default, to sell the property to pay off the loan balance, the lender must sue the borrower in court to obtain a court order to foreclose.
Non-judicial foreclosure requires that a notice of sale be published weekly in a newspaper of general circulation in the county in which the property is located for four consecutive weeks and mailed by certified mail to the borrower at least 15 days prior to the sale date.
The sale shall be conducted as a public auction on the first Tuesday of the month at the place designated in the notice of sale between the hours of 10:00 AM and 4:00 PM. If the day is January 1st or the July 4th, the sale will be conducted on the following day.
The defaulted owner has the right to redeem the property, and deficiency judgments are allowed.
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