How does the foreclosure process work?
Most mortgage documents will have a “power to sell” clause that will give authority to the mortgage holder to sell the property upon default without filing a lawsuit. A Notice of Substitute Trustee will be filed at the County Registry of Deeds. The substitute trustee is usually a company or law firm that will conduct the foreclosure. A notice of hearing is then filed and the trial is held before the Clerk of the Superior Court. If the Clerk agrees with the findings, an authorization will be granted for the sale of the property at auction. Each foreclosure law varies from state to state. There are judicial foreclosure states and non-judicial foreclosure states. The actual length of the process depends on these statutes. In some states, the process takes as little as three months while in the other states, it may take up to a year.
