Regulations relating to foreclosure differ by state, so check your states statutes.
Notification of intent to foreclose. Many states require that a lender notify the borrower in advance(30 days, for example)before obtaining a court judgment to foreclose.
Nonjudicial foreclosure. Many states permit lenders to add a clause to a mortgage document that permits the lender to foreclose and sell the property without obtaining court approval.
Right of redemption. Some states(New Jersey, for example)permit a defaulting borrower to satisfy the loan default and recover the property if done within a specified amount of time after the property is sold.
Deficiency judgement. Some states permit a lender that forecloses on a mortgage to file a judgement against the borrower entitling the lender to collect form the defaulted borrower any amount of the outstanding mortgage not covered by the sale price. |
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