Non Judicial Foreclosure Cincinnati OH

 

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Non-Judicial foreclosure is the process by which your mortgage lender, under the specific and express terms of your mortgage, will claim a legal right to your property and proceed with having your property sold at a public auction in the absence of a formal judicial hearing or proceeding. Since the courts do not administer the foreclosure process in a non-judicial foreclosure state, the authority and responsibility lies with the trustee who must follow the strict rules governing the foreclosure and sale process in your state.

The major advantage of non-judicial process is that the mortgage lender, in most cases, is not permitted to pursue a deficiency judgment against you in the event that your property sells for less then the amount you still owe on your home loan.

How long does non-judicial foreclosure take?

Notice of default and election to sell

What is the reinstatement period?

How do I reinstate?

What about partial repayment?

What is the Notice of Trustee Sale?

What are material inaccuracies?

Are there other legal requirements of sale?

How long does non-judicial foreclosure take?

A non-judicial foreclosure starts when the trustee, at the request of your lender, prepares and mails to you a legal document known as a ?Notice of Default and Election to Sell?. This document, in most cases, is your official notice that because of your non-payment and default of your loan, a non-judicial foreclosure process has commenced and that the lender intends on proceeding with the sale of your home at a public auction. The proceeds of such a sale will be used to payoff your loan with the lender.

In most cases, the non-judicial foreclosure process will take between two to four months to complete leading to the sale of the property. This is your window of opportunity to attempt to stop the foreclosure process. You should know that the time period could turn out to be longer if the trustee fails to fully comply with the terms of mortgage documents or if the trustee violates any of the many rules governing the foreclosure process in your state.

Notice of Default and Election to Sell

The trustee must comply with the laws governing recording, mailing, posting and publishing the Notice of Default and Election to Sell. However, in most cases, there is no legal requirement that you receive ?actual? notice of the foreclosure. Most courts have ruled that a foreclosure is valid so long as the trustee carried out the notification procedures in compliance with your states law, irrespective of whether you were unable to learn of the notice because you were out of the state or engaged in other matters when the notice was sent to you.

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