America's Most Distressed Housing Markets Aug 27, 2008
In Florida, a judicial foreclosure state, the courts are involved. That gums up the works in a state with the second highest number of foreclosures in the country, according to RealtyTrac. (Forbes -- Business)
Fighting the foreclosure crisis Jul 29, 2008
The third bill would require "judicial foreclosure" or a right to a day in court ... Judicial foreclosure would put a face on the foreclosing party. (Boston Globe)
Legislative floor actions Jun 6, 2008
HB 138 JUDICIAL SALES (Foley) To require purchasers of real property at a judicial sale to provide certain identifying information, to allow municipal corporations to conduct inspections of property subject to a writ of execution, to require judicial sales to be confirmed within thirty days of sale, to require officers who sell real property at a judicial sale to file a deed within fourteen days of confirmation, to authorize courts and county boards of revision to transfer certain tax delinquent... (Cleveland.com -- News)
California Congresswoman walked away from $578K mortgage... May 22, 2008
WaMu should do a judicial foreclosure. Would cost some legal fees but they would surely win and then could collect any deficient balance from the Honorable Congresswoman. (The Drudge Report)
Trust Deeds, Mortgages, Contracts, Warranty Deeds: What are They? May 22, 2008
", "Great," he exclaimed. I really am stymied by the words and I really like the four-plex and want to buy it. Mimi pulled out her glossary and shared it with Charles. "First of all there is a distinction to be made between financing instruments and ownership instruments," she commented. Financing Instruments Mortgage A mortgage is a document created where by one party pledges to another party as a security for obligations owed to that party. A promissory note is normally executed at the same... (RealtyTimes)
Foreclosure flood: 1,000 auctions per day in California May 15, 2008
They would have to pursue a judicial foreclosure which is a lot of time and money and have to pay off the first lien. While there is technically recourse, effectively all loans in California are non-recourse unless you have substantial assets (and your lender knows about them). (Yahoo News -- Real Estate)
Many homeowners still trapped in Ameriquest loans Mar 9, 2008
Georgia has a judicial foreclosure process and a non-judicial process. Judicial (court) process is mainly used for issues of ownership and actions to clear title. (Atlanta Journal-Constitution -- Metro)
Who will pay the mortgage when the homeowner walks? You Feb 8, 2008
Only judicial foreclosure allows the lender to get the borrower's other assets, but it's slow, expensive and encourages a defense of loan origination fraud. Buying a house with little down is like having your cake and eating it, too. (San Francisco Chronicle -- Opinion)
As delinquent tax rolls grow, county works to help owners save property from foreclosure Jan 30, 2008
A judicial foreclosure hearing is scheduled for 8:45 a.m., Tuesday, Feb. 5 at the Otsego County Courthouse, Circuit Courtroom, 2nd floor, 225 W. Main St. After this hearing, an owner has 21 days to redeem the property. Failing that, the property will go into foreclosure. (Gaylord Herald Times, MI)
Ask Realty Times Oct 26, 2007
Since the borrower may still have assets it's possible that a lender who stands to lose on a loan will seek a judicial foreclosure and sue for any loss. However, what a lender can do or not do depends on the jurisdiction where the property is located and other factors. (RealtyTimes)
Mortgage vs. security deeds Oct 4, 2007
The mortgage also allows foreclosure but requires that the lender use a judicial foreclosure process to convert its interest in the real estate into legal title. In Georgia, borrowers execute a security deed. (Atlanta Journal-Constitution)
Housing market changes lead to foreclosure increaseInterest rates, slump in sales squeeze owners Mar 28, 2007
Trustee sales "If you are behind in your mortgage payments, the lender has the right to start a judicial foreclosure or trustee's sale of your home," according to Phoenix-area attorney Diane Drain. "Ultimately your home will be sold, whether through a trustee or by a sheriff. Once this happens you will no longer own the property and you must move." The process starts for the trustee sale once the homeowner has defaulted on payments. (Casa Grande Valley Newspapers, AZ)
Can This Investor Be Saved? Mar 27, 2007
With a judicial foreclosure -- one that involves going through the court system -- there may well be a deficiency judgment. However, in a non-judicial foreclosure there's not a deficiency judgment unless the lender goes back to court. (RealtyTimes)
Know the ropes before you buy a foreclosure Mar 25, 2007
Some states--such as Florida, New York, Ohio and Pennsylvania--require the lender to sue the borrower and get a court order for the sale of the property, a process known as judicial foreclosure. Other states--including California and Texas--follow the nonjudicial foreclosure process, which doesn't require a lawsuit. (Portland Business Journal, OR)
