Non-Judicial Foreclosure Law

Non-judicial foreclosure is a process by which a lender can repossess a property without going through the court system. This typically occurs when a borrower defaults on their mortgage payments. Instead of filing a lawsuit, the lender follows state-specific procedures, often involving public notice and an auction of the property. This process is usually faster and less expensive for lenders than judicial foreclosure, which requires court approval. Borrowers typically have fewer rights in non-judicial foreclosures, emphasizing the importance of understanding state laws and seeking assistance if facing financial difficulties.