Choose your state to find out more specific information about the local foreclosure laws. If you have legal questions regarding your local laws, don't rely on what others say, contact an attorney.
You will also find detailed definitions of key foreclosure terms below or CLICK HERE.
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Alabama: (Back To List)
Alabama foreclosures take place as judicial and non-judicial (in
court and out of court) procedures. The process usually
takes about 2-3 months to complete.
Pre-foreclosure Period:
Court foreclosures are very rare in Alabama. The
only time judicial foreclosures occur in Alabama are when there
are title problems or if the mortgage company or bank lack the
contractual right to sell the property in the case of the
borrower defaulting. Non judicial, out of court,
foreclosures are most common. The process starts when the
bank or mortgage company supplies an attorney with the
appropriate documents and the attorney schedules the
auction/sale of the property.
Notice of Sale / Auction:
First, a notice of sale must be advertised/published for
3 weeks in a newspaper or posted on the courthouse door and/or 3
other public places. Included in the notice must be a
property description, as well as the day, time, place, and terms
of the sale. Usually, a copy of the notice is sent to the
person(s) in default on the mortgage. If there are
multiple mortgages on the property then typically the other
lenders are notified as well. The sale will take place at
the courthouse. A deed is given to the winning bidder,
after payment is made.
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Alaska: (Back To List)
Both judicial and non judicial (in court and out of court)
foreclosures are options in Alaska. Most foreclosures are
non judicial out of court foreclosures. Usually, the
foreclosure process in Alaska takes 3 to 4 months.
Pre-foreclosure Period
Most deeds of trust, in Alaska, have provisions allowing
lenders to sell your property if you default. This allows
the lenders to foreclose out of court quickly. You have to
be in default for at least 30 days before the lender can
foreclose. The lender is required to record a default
notice which is sent to all parties affected and contains
information on the deed of trust, property description,
outstanding debt on the loan, as well as the date, time, and
location of the sale/auction. The default notice must be
posted on the property.
Judicial foreclosures (in court) can begin after the first
day of default. A Lis Pendens
is filed with the court and delivered to the borrower. You
have 20 days to respond after the complaint is delivered to you.
If you do not respond the court is able to rule you are in
default and require the property be sold.
Notice of Sale / Auction
Regardless of whether the foreclosure is judicial or non
judicial, the notice of sale must be posted in 3 public places.
The notice must be posted for at least 30 days prior to the sale
date. One of the public places must be the nearest US Post
Office to the property. The notice of sale must also be
posted in the local newspaper each week for at least 4 weeks
prior to the sale date.
The location of the sale will vary based on whether the foreclosure is a judicial or non judicial foreclosure. Typically the lender's attorney will conduct the sale and the trustee provides the new deed to the winning bidder granting ownership. In many cases all junior leans are cleared from the title in a non judicial foreclosure.
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Arkansas: (Back To List)
Arkansas foreclosures can be either judicial or non judicial
(handled in court our out of the courts). Typically, a non
judicial foreclosure will last under 3 months.
Pre-foreclosure Period
Arkansas foreclosures require the lender to have an
appraisal of the property done before the scheduled foreclosure
date.
For a judicial foreclosure the court decides the amount in default. If you don't pay the lender the amount defined as defaulted by the court, then the property goes up for sale/auction. This usually takes 30 days.
Often, lenders put in power-of-sale clauses which allow them
to foreclose without going through the court (called non
judicial foreclosures). First, the lender will have a
notice of default filed with the county records.
Notice of Sale/Auction
The notice of default filed with the county is also the
notice of sale and contains all of the important information
needed. You will receive a copy of this notice within 30
days of the filing with the county. The lender will
usually post the notice in the county records office as well as
in the local newspaper for 4 consecutive weeks prior to the
sale/auction. Sales are run by auctioneers and anyone can
bid except the trustee.
For power-of-sale foreclosures handled out of the court system,
the notice of default filed by the lender also serves as the
notice of sale, as it contains all the information pertinent to
the sale (time, location, property description, etc.). Within 30
days of this notice of default being recorded, a copy of the
notice and the lender's intention to sell is mailed to the
borrower. The lender also posts a notice of sale in the office
of the county recorder. The notice is published in a local
newspaper for four consecutive weeks, with the final notice
being published at least 10 days prior to the sale.
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Arizona: (Back To List)
Both judicial and non judicial (in court and out of court)
foreclosures are common in Arizona. More than usual they
are out of court and occur over 4 months.
Pre-foreclosure Period
For in court foreclosures, your lender will file for foreclosure in court and
records a Lis Pendens (notice of
default).
The notice contains both the debt and default amount.
You and any other lien holders will be notified. If you
don't respond to the court action, the court will rule against
you and set the amount owed to the lender. The court then
orders the county sheriff to conduct a sale/auction of the
property.
If the lender is pursuing an out of court foreclosure because
of a clause in your mortgage agreement (loan docs), the trustee
will file a notice of sale, and the sale will occur 3 months
later.
Notice of Sale / Auction
Court foreclosures require the sheriff to conduct the
sale about 45 days after the county clerk directs the sale.
It will be a public auction.
Out of court foreclosures are handled by the trustee. The trustee, files a notice of sale which contains the time, date, and place of the auction. The trustee advertises the sale in the local newspaper, once a week for 4 weeks prior to the sale. The trustee must provide the opening bid of the sale to anyone who asks for it.
The trustee conducts the sale at the property and the proceeds go the primary lender first and secondary lenders second.
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California: (Back To List)
Most California foreclosures are handled out of court. The
process typically take 4 months.
Pre-foreclosure Period
The only time a lender will use the courts (judicial
foreclosure) in California is when the lender wants a deficiency
judgment. This is not common but with the rising home prices in
California may become more prominent.
First the lender files a notice of default with the county
recorder. The notice is also mailed to the borrower and any
other parties involved.
You have up until 5 days before the trustee's sale to pay off
the defaulted loan amount plus fees and penalties. The property
can be schedule for sale after 3 months.
Notice Of Sale / Auction
No less than 20 days before the trustee's sale, a notice of sale
must be posted on the property as well as in 1 local public
place. The notice should also be published at least one time
each week for 3 straight weeks before the sale.
The sale will be a public auction and the property is sold to
the winning bidder.
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Colorado: (Back To List)
Although both in court and out of court foreclosures are
available, lenders typically use the out of course (non
judicial) process to foreclose.
Pre-foreclosure Period
There is a public trustee appointed to each county or
elected by the public. When the lender chooses and out of court
foreclosure, they first file certain paperwork with the trustee
to request a property sale. The trustee records the action and
schedules a sale.
The lender will then receive a court order allowing the sale of
the property. If there is an intention to pay off the loan, you
must notify the court no more than 15 days prior to the date of
the sale.
Notice of Sale / Auction
The sale is scheduled forty-five to sixty days after the
first foreclosure action was recorded by the trustee. The notice
of sale is publish in the local newspaper as well as mailed to
the borrower and any other affected parties.
The sale usually occurs at the courthouse. Anyone can bid except
the trustee unless it is on the lenders' behalf. The winning
bidder is given a certificate of purchase.
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Connecticut: (Back To List)
Connecticut uses 2 different foreclosure processes. One is
called strict foreclosure and the other is called foreclosure by
sale. A judge determines which method is used. Usually the
entire process takes 2-5 months.
Pre-foreclosure Period
First the lender files court documents stating the borrower
is in default and notifies the borrower and other affected
parties in writing 12 days before a return date. A return date
is the date the borrower and other lien holders must appear in
court. This is when the court determines the debt, market value,
costs and which foreclosure process will be used.
If there is no equity in the property then a strict foreclosure
is utilized and no sale occurs. A date is given to pay the date
by the borrower or any other lien holder. If the debit is not
paid, the house no belongs the lender.
A judgment of foreclosure by sale occurs when there is equity
and the house is sold at auction to pay off the debt.
Notice of Sale / Auction
The date of sale is usually established by the court 60-90
days after the initial ruling. The court will appoint an
attorney to publish the sale notice and conduct the
sale/auction. After the sale/auction the court approves the
sale. The sale is almost always approved.
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Delaware: (Back To List)
Delaware foreclosures always go through a court system.
Pre-foreclosure Period
Once in default, the lender files a complaint against the
borrower. The borrower must appear in court within 20 days to
show cause why the foreclosure should not occur. Most borrowers
don't show up. The court usually rules that the loan is in
default and 11 days later the lender will request the county
sheriff conduct a sale of the property.
Notice of Sale / Auction
The sheriff will properly advertise and notify all affected
parties regarding the sale/auction of the property. The notice
will include date, time, location of the sale and property
description. The notice is also delivered to the borrower 10
days before the sale/auction.
The sale usually takes place on the property and is run by the
sheriff. It may also take place at the courthouse. Confirmation
of the sale occurs shortly after the sale/auction of the
property.
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District of Columbia: (Back To List)
Pre-foreclosure Period
Most foreclosures are handled out of court due to a right to
sell policy that is contained in most loan agreements.
Once a borrower goes into default, the lender only has to send a
notice to the borrower that the terms of the loan agreement have
been broken and foreclosure proceedings are going to begin.
The timeline for D.C. foreclosures is usually 45-60 days.
Notice of Sale / Auction
The lender must send a notice of sale to the borrower via
certified mail at least 30 days prior to the sale/auction date.
The notice of sale is recorded with the county at this time as
well as informing other lien holders.
The lender will provide information on the time and date of the sale or will acquire a court order specifying the sale terms. The sale is advertised in the local newspapers prior to the sale/auction.
A licensed auctioneer typically conducts the sale. After the sale is finalized the trustee's deed is recorded.
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Florida: (Back To List)
All foreclosures in Florida are handled in the courts and
take about 5 months.
Pre-foreclosure Period
In Florida, the lender will begin the foreclosure process by
filing a Lis Pendens. The lender will notify the borrower
of the notice. If the borrower is in default the lender
will ask the court to make a final ruling, where the court will
determine the amount owed and set the foreclosure sale/auction
date.
The lender is not required to notify the borrower of that a foreclosure has begun.
Notice of Sale / Auction
Twenty-five to thirty days after the court ruling, the
sale/auction is held. The notice of sale is issued by the
clerk of the court containing the time, date and location of the
sale/auction.
Typically the clerk oversees the sale, which will usually occur at the county courthouse. The clerk will provide the winning bidder a certificate of sale, usually the same day.
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Georgia: (Back To List)
Georgia foreclosure proceedings include both in and out of
court proceedings with out of court proceedings taking less than
2 months to complete.
Pre-foreclosure Period
Usually, court foreclosures only occur when there are title
problems or the mortgage or trust deed lacks the right of sale
clause typically found in almost all loan agreements. The
lender begins the foreclosure process by filing papers with the
court regarding the default and its details. The court
then contacts the defaulting borrower and instructs that the
entire balance must be paid within 30 days to the court.
If the defaulting loan is not paid, the court schedules a
foreclosure sale.
The more common out of court foreclosure process begins when the lender schedules a sale/auction date. The state of Georgia does not require the lender to notify the defaulting borrower of the pending sale/auction or that a foreclosure has begun.
Notice of Sale / Auction
The notice of sale/auction is published locally in
newspapers at least 15 days before the sale/auction date.
The notice includes time, date, location, and property
description as well as mortgage information and the names of all
affected parties.
The sale/auction is usually held at the county courthouse on the first Tuesday of the month. In the case of court ordered sales a confirmation hearing is held after the sale and can order a new sale if the loan amount is not satisfied.
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Hawaii: (Back To List)
Both in court and out of court foreclosures are common in
Hawaii. The timeline for the foreclosure process varies
from 6-11 months depending the lender and whether the
foreclosure being handled in the court or out of court.
Pre-foreclosure Period
For an out of court foreclosure to occur in Hawaii there must be
a right of sale clause in the loan agreement, which most do
contain. The lender is required to notify the defaulting
borrower when a foreclosure has begun.
To begin a in court foreclosure, the lender will file the correct documents with the court. If the court rules the borrower is in default, the lender proceeds with setting a sale/auction date.
Notice of Sale / Auction
The notice of sale/auction usually includes the time, date,
location, description of the property as well as terms of the
sale/auction. A copy of the notice is sent to the borrower
and published in local newspapers.
A commissioner is appointed for in court foreclosure sales. The commissioner sells the property at public auction after properly notifying the borrower and the community via publication of the notice of sale in the local newspaper. The winning bidder is given deed to the property after the sale is confirmed by the courts.
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Idaho: (Back To List)
Most Idaho foreclosures are handled out of court and take
about 5 months to complete.
Pre-foreclosure Period
After the borrower receives the Notice of Default by
mail you have 115 days to pay the defaulted loan in full
including late fees and other associated costs with the
defaulted loan. The lender then files the notice of
default with the county recorder. Once the notice is
recorded the lender can advertise the sale of the home.
Notice of Sale / Auction
The sale date must be at least 120 days from the notice of
sale that is mailed to the borrower. The notice of sale
includes a description of the property, the borrower's
information, trustee, time, date, and location of the
sale/auction.
The trustee attorney will conduct the sale/auction. Any person can bid. Ownership of the property is transferred to the winning bidder after full payment is made and possession of the property 10 days after that.
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Illinois: (Back To List)
All Illinois foreclosures are handled in the court system.
Pre-foreclosure Period
A lender begins a foreclosure by taking "action" in court
against the defaulting borrower. The borrower and other
affected parties receive a notice of the court action and given
30 days to respond. After the 30 days expires, the court
rules against the borrower and the lender can schedule the
sale/auction date. The lender is allowed to collect the
loan amount plus costs associated with the foreclosure.
The borrower has 3 months to pay off the entire loan.
Notice of Sale / Auction
In Illinois, all parties affected by the foreclosure will
receive a notice of sale. Included in the notice of sale
is the property description, times available to pre-inspect the
property, time, date, and location of the sale/auction as well
as the terms of the sale, case title number, and the court
handling the suit.
The sheriff will usually conduct the sale/auction. Any person can bid, and the property is sold to the winning bidder once the full price is paid. The winning bidder then receives the certificate of sale which is confirmed by the court. Once confirmed the winning bidder owns the property and can immediately evict any occupants.
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Indiana: (Back To List)
Foreclosures in Indiana are handled in the court system and
can take about 8-9 months.
Pre-foreclosure Period
Foreclosure begins when the lender files a complaint against the
borrower with the court. The foreclosure sale is
determined by the date the mortgage was executed and the date
the complaint was filed in the court. Most sale/auction
dates are 3 months later but older mortgages can cause the sale
date to be 6-12 months later. Borrowers can allow to
dismiss the pre-foreclosure period to protect themselves from
the lender suing the borrower for any differences between the
property value and the price received from the auction sale if
there is a deficiency.
A copy of the Order of Sale is issued and certified by the clerk to the sheriff after the pre-foreclosure period.
The sheriff proceeds with the sale after receiving the order from the clerk.
Notice of Sale / Auction
The sheriff appoints and auctioneer to conduct the
auction/sale of the home. The sheriff will serve the
borrower with a notice of the sale.
The winning bidder receives ownership of the property immediately after the sale.
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Iowa: (Back To List)
Both in court and out of court foreclosures are common in
Iowa and take about 4 months.
Pre-foreclosure Period
A written notice of default is given to the borrower 30 days
prior to the foreclosure. The notice of default will
include the defaulted amount remaining on the loan and the date
by which that amount must be paid.
Once the pre-foreclosure period ends, the court rules in favor of the lender and orders that the property be sold to satisfy the loan. Usually within 2 months the house is sold.
Notice of Sale / Auction
The notice of sale/auction is handled by the sheriff who
also carries out the auction. The sheriff can receive
sealed written bids with payment. The sheriff reads the
bids on the auction date.
Typically there is no redemption period and the winning bidder receives the deed to the property after the payment is made.
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Kansas: (Back To List)
Kansas foreclosures occur through the court system and take
about 6 months or so.
Pre-foreclosure Period
When a borrower defaults on the mortgage, the lender makes a
request with the court to foreclose. The sheriff delivers
the court filing to the borrower and the borrower has 20 days to
respond. Usually the court ends up ruling the borrower is
in default and the foreclosure sales is scheduled 10 days later.
Notice of Sale / Auction
The sheriff will conduct the sale/auction after publishing
the Sheriff's notice of sale. The lender has control over
the initial bid price and the winning bidder receives a
certificate of purchase at the end of the sale/auction.
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Kentucky: (Back To List)
Foreclosures in Kentucky occur in the court system and
usually take about 4-6 months to complete.
Pre-foreclosure Period
Once a borrower defaults, the court will issue a foreclosure via
a court order. If the property is abandon the lender may
take immediate possession of the property.
To start the foreclosure process in Kentucky, a Lis Pendens is filed with the court. The sheriff will deliver a notice to the defaulting borrower. The borrower has 20 days to respond. After the 20 days the foreclosure sale/auction date is set. The property will be appraised before the sale/auction.
Notice of Sale / Auction
The sale/auction of the property will occur about 30 days
after the court finds the borrower in default. There is a
Notice of Sale published. The sale is conducted by a
master commissioner and usually occurs at the courthouse.
After the sale/auction, the sale is confirmed through a motion
hearing with the court and the deed is then presented to the
clerk for comfirmation.
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Louisiana: (Back To List)
The foreclosure process in Louisiana is handled through the
court system and takes about 6 months.
Pre-foreclosure Period
A foreclosure will either be a ordinary or executory
foreclosure in Louisiana.
The ordinary foreclosure is far more complicated and expensive as well as time consuming than an executory foreclosure.
In Louisiana, most mortgages contain language that includes an authentic act that imparts a confession of judgment in which the borrower accepts the obligations under the mortgage. The language allows the use of the executory foreclosure and the process moves more quickly.
The lender is note required to notify the borrower before beginning the foreclosure process. The lender will file a petition to start the foreclosure process and the borrower is served with a demand for the outstanding balance of the mortgage to be paid within 3 days. After the 3 days, the court will order a writ of seizure and sale.
Notice of Sale / Auction
the borrower is usually served by the sheriff, notifying
them of the pending sale/auction. The sheriff will hold
the sale/auction. The winning bidder will receive the deed
from the sheriff upon making the final payment.
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Maine: (Back To List)
Most foreclosures in Maine are court foreclosures and they
typically take about 9 months.
Pre-foreclosure Period
The foreclosure process begins in Maine when the lender delivers
a notice of default to the borrower. Thirty days after the
notice of default has been issued, the lender files with the
court opening the foreclosure action.
Notice of Sale /Auction
If the borrower is unable to stop the foreclosure, the
lender will hold a public sale/auction after properly publishing
the notice of sale. The notice of sale will contain the
property description, as well as time, date, and location of the
sale/auction.
Sales either occur at the office of the attorney handling the foreclosure or at the county courthouse or property. The property is sold to the highest bidder at the sale/auction. The lender transfers ownership of the property to the winning bidder.
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Maryland: (Back To List)
Maryland foreclosures occur in the court system and last
about 45 days.
Pre-foreclosure period
First, the lender will file a complaint against the borrower
for defaulting. A decree of sale is issued to the lender
from the proper court. The court determines and fixes the
amount of debt, interest, and costs that are due to stop the
foreclosures. The court then sets a small window to allow
the borrower the ability to payoff the debt.
No notification of the pending sale/auction is required to be sent to the borrower from the lender.
Notice of Sale / Auction
The sale/auction date is set and a notice of sale is made
public 10 days prior to the sale date.
A licensed professional auctioneer will hold the sale/auction at the courthouse. After the sale and a winning bidder has been determined, a notice that the sale has occurred is made public. If there are no legal objections the sale is confirmed by the court and the deed transferred to the new owner.
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Massachusetts: (Back To List)
Most Massachusetts' foreclosures occur of of the court
system and take about 3 months.
Pre-foreclosure Period
The foreclosure process begins when the lender will check with
the land court to verify that the borrower is not protected by
the Soldiers & Sailors Civil Relief Act.
After receiving the OK from the land court the lender will begin by notifying the borrower of the default and pending foreclosure sale. After notifying the borrower, the sale/auction is scheduled by the lender.
Notice of Sale / Auction
The lender will establish a notice of sale and publish it
accordingly. The notice of sale is also sent to the
borrower at least 21 days before the sale date.
All sales are held by an auctioneer at the location of the property. The winning bidder receives ownership after the sale is recorded by the county.
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Michigan: (Back To List)
Foreclosures in Michigan tend to vary in the amount of time
required to complete the process. A vast majority of the
foreclosures will occur out of court.
Pre-foreclosure Period
Michigan law does not require the lender to notify the borrower
of the foreclosure sale, although most will anyway.
Notice of Sale / Auction
The lender will usually hold a sale/auction of the property
about 2 months after they have begun the foreclosure process.
A notice of sale/auction is made public and contains the
property description, default amount, as well as the time,
location and date of the sale.
The sheriff or a trustee will hold the public auction at the county courthouse. Transfer of ownership of the property occurs at the sale after the proper paperwork is completed.
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Minnesota: (Back To List)
Minnesota foreclosures occur both in court and out of court
and take about 4 months.
Pre-foreclosure Period
The lender will notify the borrower of the default. After
notifying the borrower, the lender will file a court action
against the borrower if there is not language in the mortgage
allowing for an out of court foreclosure. Most mortgages
allow for out of court foreclosures however.
Notice of Sale / Auction
The lender will make public a notice of sale which will
contain the loan amount, default amount due, property
description, and the time, date, and location of the
sale/auction.
The county sheriff holds the auction, usually at a public place like the courthouse or sheriff's office. The bidding is open to anyone and the winning bidder receives a certificate of sale which sets the date for the transference of ownership.
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Mississippi: (Back To List)
Both in court and out of court foreclosures are common in
Mississippi with the process lasting about 3 months.
Pre-foreclosure Period
The more common of the foreclosure procedures is the out of
court method. 30 Days before the foreclosure sale/auction
the lender will provide the borrower with a notice of default.
Notice of Sale / Auction
After the borrower has been notified of the default, the
lender will begin public notification of the pending
sale/auction with a notice of sale which includes a description
of the property, parties involved as well as the time, date, and
location of the sale.
The trustee will conduct the sale/auction at the courthouse and anyone can bid including the lender. The winning bidder will receive a deed conveying ownership of the property upon payment of the bid.
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Missouri: (Back To List)
Missouri foreclosures occur both in and out of court and the
timeline is usually 2 months.
Pre-foreclosure period
Once a borrower defaults on the mortgage the lender will send
the notice of default. The notice will be a clear warning
the a foreclosure sale/auction process is about to start.
After the notice of default is delivered the sale/auction will
be scheduled. A court foreclosure will only occur when
there are title problems or the mortgage or deed of trust does
not contain the power of sale clause.
Notice of Sale / Auction
The lender must publish and make public knowledge the notice of
sale/auction. There are varying amount of days between the
notice of default and the sale/auction depending on the size of
the county. The trustee will send the borrower a notice of
sale as well as the other affected parties. The notice
usually contains the date, time, place and terms of the sale.
Who conducts the sale/auction is determined by the deed of trust. Most sales occur at the county courthouse.
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Montana: (Back To List)
Most Montana foreclosures are handled out of court except
for mortgages that do not have a power of sale clause which are
handled in court. Most foreclosures will take 4-5 months.
Pre-foreclosure Period
When the foreclosures are handled by the court, it is the court
that determines what is owed to the lender. The court will
then determine a specific date by which the defaulting borrower
must pay the balance due. If the amount is not paid in
full, the lender will issue a notice sale.
When the foreclosure is handled out of court, the lender will immediately issue a notice of sale. The sale/auction date will be 120 days after after the notice of sale is filed. No notice is required to be sent to the borrower.
Notice of Sale / Auction
For most foreclosures, the notice of sale/auction is displayed
at the property 20 days before the sale. The foreclosure
sale/auction will be open to the public. The winning
bidder receives ownership 10 days after the sale.
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Nebraska: (Back To List)
Nebraska uses both in court and out of court foreclosures.
Typically, the type of foreclosure (court or out of court) will
be determined by the type of loan. Mortgages are handled
in court and deeds of trust of court.
In court foreclosures in Nebraska take about 6 months and out of court foreclosures take about 4 months.
Pre-foreclosure Period
The lender will begin the foreclosures process by filing a
notice of default. The lender, unless mandated by the
mortgage or deed of trust, is not required to notify the
borrower.
For out of court foreclosures the trustee sale/auction is scheduled 30 days after the notice is filed. Court foreclosures take more time than out of court foreclosures. The lender must deliver the notice of sale to the borrower and the borrower has 30 days to respond. After the response or non-response the court will issue a ruling.
Notice of Sale / Auction
When the foreclosure is handled out of court, the trustee
will handle the sale/auction. The property will sold to
the winning bidder at the public auction, and the trustee issues
the transfer of ownership.
Out of court foreclosure sales/auctions are handled by either a commissioner or the sheriff. In the court foreclosure, the winning bidder receives ownership after the court confirms the sale and a deed is issued.
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Nevada: (Back To List)
Most Nevada foreclosures are handled out of court and take
about 4 months.
Pre-foreclosure Period
The foreclosure begins when the lender files a notice of default
with the county the property resides. The lender will also
mail a copy to the borrower.
The borrower or other concerned parties have 35 days to respond and settle the matter. After 90 days the lender can schedule a foreclosure sale/auction.
Notice of Sale / Auction
The lender will send a notice of sale to the borrowe as well as
make the notice public in accordance with the court mandates.
The sale is handled by the trustee and is open to the public.
The sale is usually held at the office of the trustee or a
public place.
The winning bidder will pay the full amount on the day of the sale and the trustee transfers the ownership of the property.
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New Hampshire: (Back To List)
Most foreclosures are handled out of court in New Hampshire.
Most foreclosures take about 3 months including the
pre-foreclosure period.
Pre-foreclosure Period
The lender will begin the foreclosure process by sending a
notice of default to the borrower with details of the default.
After 30 days the lender will schedule the foreclosure
sale/auction.
Notice of Sale / Auction
The lender will make the notice of sale public notice in
accordance with the states mandates. The notice will
delivered to the borrower at least 26 days to the sale date.
The notice of sale includes the date, time and location of the
sale as well as the terms, property description and mortgage
date.
The sale will usually occur on the property in question and run by the lender's attorney or auctioneer. The winning bidder will receive property ownership after the lender records the information with the county.
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New Jersey: (Back To List)
All New Jersey foreclosures are handled by the courts and
take about 9 months.
Pre-foreclosure Period
The lender will mail the borrower a letter indicating the
pending foreclosure. After the lender notifies the
borrower, the lender will file a Lis Pendens with the county
clerk. The lender can sue the borrower for the balance of
the loan or the defaulted payments. The borrower has 35
days to payoff the amount owed, if not the court will make a
ruling in favor of the lender and a sale/auction date can be
scheduled.
Notice of Sale / Auction
The notice of sale/auction is filed and posted on the
property and the county office, as well as made public as the
courts mandate. The lender must give the borrower the
notice at least 10 days before the sale/auction date.
The foreclosure sale is a public auction and is run by the sheriff or other county official. The winning bidder and receives the transfer of ownership from the sheriff within 10 days. The court must confirm the sale.
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New Mexico: (Back To List)
Foreclosures in New Mexico are processed through the court
system and the process takes about 6 months.
Pre-foreclosure Period
Power of sale clauses are not allowed in New Mexico therefore
all foreclosures are handled in the court system. The
lender will file a complaint against the borrower in the court.
The lender is not required to notify the borrower of the
impending foreclosure.
A lis pendens is recorded with the filing of the complaint. The lender then gives notice to the borrower who then has 30 days to pay off the loan. If no response is given or the debt is not satisfied then and the borrower notification has been made the court will make a ruling in favor of the lender. The lender can now schedule the foreclosure.
Notice of Sale / Auction
A notice of sale/auction is published at least 30 days after
the ruling. The sale/auction is open to all bidders and
the winning bidder receives ownership once the deed is recorded.
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New York: (Back To List)
Although both in court and out of court foreclosures are
available most are handled through the court system.
Pre-foreclosure Period
No notice of a pending foreclosure is required in New York.
The lender will begin the process by filing a law suit against
the borrower for the defaulted loan amount plus and fees and
expenses. The borrower is notified of the law suit will be
required to appear before the court to respond. A lis
pendens is recorded at this time.
In most cases the court will make a ruling in favor of the lender which allows the lender to hold the sale/auction.
Notice of Sale / Auction
The sale/auction must be held at least 4 months from the
date of the court ruling and a notice of sale is made public.
The sale is a public auction and is held at the court house in most cases. The winning bidder takes ownership of the property when the winning bid is paid.
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North Carolina: (Back To List)
More often than not out of court foreclosures are seen in
North Carolina although in court foreclosures due occur when
there are title problems.
Pre-foreclosure Period
The lender begins the process with requesting a preliminary
hearing. The lender will provide the borrower with the
total amount due plus expenses at least 10 days before the
hearing. The county clerk will hold the hearing after the
notice has been issued.
Notice of Sale / Auction
The power of sale clause in the mortgage or deed of trust
may contain the time, place, and terms of the sale/auction.
If so the will follow them.
Otherwise, a notice of sale will be issued to the public as well as mailed to the borrower and relevant parties. The notice will be issued at least 20 days before the sale. The sale is usually held at the courthouse and the property is sold to the highest bidder.
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North Dakota: (Back To List)
All foreclosures processed in North Dakota are done so
through the court system.
Pre-foreclosure Period
The lender must give the borrower no less than 30 days notice of
their intent to open foreclosure proceedings. If the
borrower can not be located a public notice of the intent is
sufficient.
The lender can open the foreclosure proceedings after the notice to the borrower is given. The amount of the borrower's debt is assessed by the court and a short time period is given to pay the debt and expenses before the sale which is advertised by the clerk.
Notice of Sale / Auction
The lender then publishes a notice of sale in accordance
with the state mandates. The sale is a public auction and
conducted by the county sheriff or a deputy. The property
is sold the highest bidder.
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Ohio: (Back To List)
Ohio requires all foreclosures to be handled in the courts.
Pre-foreclosure Period
The lender will start the foreclosure process by filing the
appropriate documents with the court. The borrower is
notified of the court filing, by mail or by public notice in the
event the borrower can not be located. The borrower then
has 28 days to respond. Typically the court will rule in
favor of the lender and the sheriff issues an order of sale.
Notice of Sale / Auction
The sheriff will first get a minimum of 3 appraisals of the
property and publish them in the local paper. The sheriff
then conducts the sale as a public auction at the courthouse.
The property is sold the highest bidder.
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Oklahoma: (Back To List)
Most foreclosures are handled in the court.
Foreclosures in Oklahoma are handled out of court only when the
power of sale clause found in most mortgages or deeds of trust,
though this is very rare because of particular legal
restrictions to the lender.
Pre-foreclosure Period
A warning letter is sent to the borrower and then the lender
files a suit in court for the defaulted amount on the loan.
A notice of the action is delivered to the borrower who has 20
days to respond. The court usually rules in favor of the
lender and the sale/auction can be scheduled.
Notice of Sale / Auction
A notice of sales is first recorded with the county as well
as made public according to the court mandates. The notice
must be published at least 30 days prior to the sale.
The property is sold to the highest bidder at public auction run by the sheriff. After the auction, the sale is confirmed by the court and ownership is transferred.
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Oregon: (Back To List)
Most foreclosures in Oregon are handled out of court due to
the power of sale clause in most mortgages and deeds of trust.
Pre-foreclosure Period
The lender will first record a notice of default and proceeds in
the court system if no power of sale clause exists, although this
is rare. The property is put up for sale once the court
declares a foreclosure.
Typically there is a power of sale clause and the lender records the notice of sale with the county prior to the sale/auction of the property. The lender must also deliver the notice of default to the borrower or make the notice public in the case the borrower can not be located.
Notice of Sale / Auction
The notice of sale must be published at least 20 days prior
to the sale date. The sale is a public auction and is open
to all bidders. The trustee transfers ownership to the
highest bidder who receives full ownership within 10 days of the
sale.
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Pennsylvania: (Back To List)
Pennsylvania foreclosures are handled in the court system.
Pre-foreclosure Period
The lender will start the process after the borrower is at
least 60 days late on payments. There are usually two
letters notifying the borrower of the impending foreclosure.
After this period the lender will file a law suit against the borrower. The borrower is notified of the action in person or by public notice. The court usually will find the borrower in default and the foreclosure sale can be scheduled.
Notice of Sale / Auction
A notice of sale is make public according to state mandates by
the county sheriff. The auction is open to the public and
handled by the sheriff. The winning bidder receives
ownership after the sheriff completes the necessary documents
and payment has been made.
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Rhode Island: (Back To List)
Most Rhode Island foreclosures are handled out of court and
are very simple.
Pre-foreclosure Period
Warning letters proceed the foreclosure action before the
lender gives all the necessary documentation to a foreclosure
attorney. A title search is performed. The attorney
gives the borrower one more notice at least 20 days before the
sale can be scheduled.
Notice of Sale / Auction
After the notice of sale has been made public in accordance
with the state requirements, the sale/auction can be held.
An auctioneer will conduct the sale and the bidding is open to
the public. The winning bidder receives a certificate of
sale and a new deed is recorded.
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South Carolina: (Back To List)
All foreclosures in South Carolina are handled in the court
system.
Pre-foreclosure Period
The lender will first file a Lis Pendens announcing the intent
to foreclose. The notice of foreclosure is delivered to
the borrower or made public if the borrower can not be located.
The borrower has 30 days to file a response. If the
default is not settled the case is given to a hearing officer
and the property is ordered to be sold.
Notice of Sale / Auction
First, a notice of sale including the description of the
property, the borrower and lender's name is posted at the
courthouse. The sale is conducted by a special referee or
court officer and usually takes at the courthouse. The
bidding is open to the public and the property is transferred to
the highest bidder once the bid is paid.
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South Dakota: (Back To List)
Almost all foreclosures in South Dakota occur through the
courts although there are rare foreclosure by advertisement.
These are highly uncommon.
Pre-foreclosure Period
The lender initiates the foreclosure by filing a complaint
with the court. The borrower has 30 days to answer before
the sale/auction can be scheduled. The lender is not
required to notify the borrower.
Notice of Sale / Auction
The court usually rules the foreclosure can continue and the
lender will publish a notice of sale. This notice must be
delivered to the borrower at least 21 days prior to the sale.
After the state mandates are satisfied the sale is held and conducted by the sheriff. Bidding is open to the public and the winning bidder is given a sales certificate which entitles them to a new deed.
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Tennessee: (Back To List)
Pre-foreclosure Period
Tennessee foreclosures are usually handled out of court.
Court foreclosures are extremely rare. Foreclosures occur
quickly in Tennessee which happen in about 2 months.
Notice of Sale / Auction
If the deed of trust contains the time, place, and terms of
the sale upon default, they must be followed.
Otherwise a notice of foreclosure is made public according the state regulations at least 20 days prior to the sale.
No further notifications are necessary and the sale is conducted by the trustee. The trustee transfers ownership to the winning bidder.
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Texas: (Back To List)
Texas foreclosures occur quickly and the foreclosure process
is very easy for both in court and out of court foreclosures.
Pre-foreclosure Period
For in court foreclosures the lender files a suit in the
county which the property is located. A letter is mailed
to the borrower giving 20 days to pay the defaulted portion of
the loan. The foreclosure process begins with a second
letter to the borrower which demands full payment and a sale is
scheduled to recover the defaulted loan.
Notice of Sale / Auction
The notice of sale is posted at the door of the county
courthouse and filed with the county courthouse 21 days prior to
the sale. A copy is mailed the borrower.
All foreclosure sales occur on the first Tuesday of every month on the county courthouse steps. The highest bidder wins and and receives the property clear on any junior liens.
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Utah: (Back To List)
Most foreclosures in Utah occur out of court although some
do take place through the court system.
Pre-foreclosure Period
If the foreclosure is processed through the courts, the
lender files a law suit against the borrower for the amount
owed. The court usually finds in favor of the lender and
gives the borrower a set time to to pay the debt. If the
borrower does not pay in the allotted time, the property is
scheduled for auction.
For the more common out of court foreclosure the lender begins by recording a notice of default with the county and mailing a copy to the borrower. The lender then schedules the sale for 3 months from the date the notice of default was recorded.
Notice of Sale / Auction
The notice of sale must be made public in accordance with
the state laws at least 20 days before the sale. The
property is sold at public auction to the highest bidder.
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Vermont: (Back To List)
Both in court and out of court foreclosures are common in
Vermont.
Pre-foreclosure Period
Strict foreclosures are used in Vermont. The
foreclosure is conducted through the courts and upon default the
lender will file the necessary documents with the court and the
borrower will receive a summons to appear. The court
typically rules against the borrower and the lender is allowed
to take possession of the property immediately. The lender
can choose also to schedule a sale.
A more common type of foreclosure allows for the sale of the property upon default. This can be accomplished both in and out of court. If the court is utilized a ruling is made to allow the sale of the property to recover the debt. When the foreclosure is handled out of the court, a notice of default is issued and the borrower has no less than 30 days to satisfy the debt. After the 30 days the sale can be scheduled.
Notice of Sale / Auction
The notice of sale is issued and made public according the
Vermont law. A copy is also delivered to the borrower at
least 60 days prior to the sale date. The filing of this
notice occurs in place of the filing of the law suit in court
for out of court foreclosures.
The auction is usually held at the property and bidding is open to the public. The property is awarded to the highest bidder. If the foreclosure is an in court foreclosure then the court will confirm the sale, usually within 10 days.
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Virginia: (Back To List)
Both in court and out of court foreclosures are used in
Virginia, however out of court foreclosures are far more common
and can take only 2 months.
Pre-foreclosure Period
In court foreclosures are very rare, and begin when the
lender files a court document opening the foreclosure process.
A court order is issued with the terms and conditions of the
sale of the property. After the foreclosure has been ruled
by the court the property is auctioned in accordance with the
courts terms.
For out of court foreclosures the lender serves a notice of default to the borrower allowing for the debt to be paid off within 30 days. After the 30 days a sale is scheduled.
Notice of Sale / Auction
After the notice of default is given, the notice of sale is
make public according the Virginia law. A trustee usually
conducts the sale at the courthouse. The property is sold
to the highest bidder and the trustee completes the necessary
documents to transfer ownership. If the sale does not
bring enough money to cover the debt obligation the lender may
still sue the borrower for the deficiency.
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Washington: (Back To List)
Both in court and out of court foreclosures can occur in
Washington.
Pre-foreclosure Period
A lender files a law suit against the borrower for in court
foreclosures. The court rules usually within 30-60 days if
favor of the lender. After the ruling the sale can be
scheduled.
If the foreclosure is being handled out of court the lender will begin the process by mailing a notice of default to the borrower and makes the notice public in accordance with Washington law. The borrower has 30 days to respond before the sale is scheduled.
Notice of Sale / Auction
If the foreclosure is not stopped the lender records a
notice of sale with the county. The recording must be at
least 90 days before the sale. The notice must be
published according to state law.
The sale is a public auction and the property is awarded to the highest bidder. The trustee transfers ownership to the winning bidder who takes possession of the property 20 days after the sale.
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West Virginia: (Back To List)
Both in court and out of court foreclosures can occur in
West Virginia.
Pre-foreclosure Period
Most foreclosures are out of court and the lender must send a
letter to the borrower notifying them of the impending
foreclosure. The letter also informs the borrower of their
right to payoff the entire loan to stop the foreclosure.
Notice of Sale / Auction
If the loan is not paid the lender schedules the foreclosure
sale. The sale must be made public in accordance with
state law before the sale can occur. A copy of the notice
of sale must be mailed to the borrower at least 20 days before
the sale.
The sale is conducted as a public auction and bidding is open to the public. The property is awarded to the highest bidder and the new deed is recorded within 30 days.
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Wisconsin: (Back To List)
Most foreclosures in Wisconsin are handled through the
courts.
Pre-foreclosure Period
The process begins when the lender files the appropriate
documents with the court. The lender also delivers a
notice of the filing to the borrower before the court will rule.
It is not required by state law but by precedent that the lender
notify the borrower of the impending suit.
After the court has issued the judgment the sale can be scheduled.
Notice of Sale / Auction
The sheriff give public notice of the time, date, and place
of the auction. The sheriff conducts the sale and the
bidding is open to the public. After the auction the sale
is confirmed by the court.
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Wyoming: (Back To List)
Both in court and out of court foreclosures are available in
Wyoming.
Pre-foreclosure Period
In court foreclosures are typically only used when there is
not power of sale clause in the mortgage or deed of trust.
Either way a notice of the intent to foreclose must be delivered
10 days prior to the publication of the sale.
Notice of Sale / Auction
The notice of sale/auction must be made public notice in
accordance with Wyoming law. The sale is a public auction
with the property being awarded to the highest bidder. All
sales occur at the county courthouse and is conducted by the
sheriff. After the sale the winning bidder receives a
certificate of the sale.
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Lis Pendens:
Latin for "suit pending." This may refer to any pending lawsuit or to a specific situation with a public notice of litigation which has been recorded in the same location where the title of real property has been recorded. This notice secures a plaintiff's claim on the property so that the sale, mortgage, or encumbrance of the property will not diminish plaintiff's rights to the property, should plaintiff prevail in its case. In some jurisdictions, when it is properly recorded, Lis pendens is considered constructive notice to the other litigants or other unrecorded or subordinate lienholders.
Definition Courtesy of Wikipedia
Foreclosure:
Is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
Definition Courtesy of Wikipedia
Tax Lien:
A lien imposed on property by law to secure payment of taxes. Tax liens may be imposed for delinquent taxes owed on real property or personal property), or as a result of failure to pay income taxes or other taxes."
Definition Courtesy of Wikipedia
Notice of Default:
A notice of default is a notification given to a borrower stating that he or she has not made their payments by the predetermined deadline. It dictates that if the money owed (plus an additional legal fee) is not paid in a given time, the lender may choose to forclose the borrower's property. Any other people whom may be affected by the forclosure may also receive a copy of the notification.
Definition Courtesy of Wikipedia
Judicial Foreclosure:
A foreclosure which results from a court action rather than from the power of sale given to a trustee. Judicial foreclosures occur when a trust deed or mortgage deed does not have a power of sale clause, thus compelling the lender to take the borrower to court. This is in contrast to a non-judicial foreclosure, in which a foreclosure can be completed outside the court system.
Definition Courtesy of Wikipedia
Non-Judicial Foreclosure:
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default.
Definition Courtesy of Wikipedia
Declaration of Default:
A document instructing the trustee (usually appointed by a bank) to prepare and record a Notice of Default (NOD), and if necessary, to sell the property at auction in order to satisfy the unpaid obligation or lien.
Deed of Trust:
A written document, describing the real property that is being given as security for the repayment of an obligation.
Full Reconveyance:
A recorded document which gives notice that the
loan secured by the identified deed of trust has been paid in
full.
Trustee's Sale Proceeding (foreclosure):
The term used to describe the non-judicial
procedure followed by the trustee in enforcing a creditor's
rights when a debt secured on real property is in default.