Non-Judicial Foreclosure

Non-judicial foreclosure is a process that allows lenders to repossess a property without going through court. If a homeowner defaults on their loan, the lender can follow specific steps outlined in the mortgage agreement and state law to sell the property, typically at a public auction. This process is usually faster and less costly than judicial foreclosure, which involves court intervention. Homeowners receive a notice of default, and after a set period, the property can be sold to recover the unpaid debt. It's important for homeowners to understand their rights during this process.