What is the difference between judicial and non-judicial states?
• Non-Judicial States: The lender holds title to the property, not you. They would have to send you a Notice of Trustee’s Sale , indicating the date of when the property will sold. • Judicial states: You own title to the property, not the lender. They have to file a Lis Pendens (litigation pending) in court to legally remove you from title of the property. A judicial foreclosure could take longer than a non-judicial foreclosure, since the court proceedings could drag the overall foreclosure process. The longer the foreclosure process, the higher the fees the lender will incur and will pass them on to you.
Related Questions
- In the state of Minnesota, Linda, it can be a deed of trust or a mortgage. Also, it can be foreclosed via the judicial process or via the non-judicial process.
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