List of Judicial Foreclosure States
It is very useful to learn about the foreclosure laws in the various states. That knowledge will help to understand your option before contacting a foreclosure lawyer. This article is for informational purposes only, call a professional to get help. A good foreclosure lawyer can help you get a foreclosure sale date moved up, help with loan modifications, and provide you with an initial consultation to explain the process in your state.
A list of states with judicial foreclosure is also helpful for investors interested in foreclosure investment in real estate properties. The list provides the details of all the foreclosures taken out by different states from the past few years. Also, details of foreclosures taken out by these states can be obtained from the court or the Secretary of State’s office. Another way to get it is from the National Association of State Bankruptcy Alternatives’ website.
What Is Judicial Foreclosure
It is essential to understand the difference between judicial and non-judicial foreclosure to determine what course of action to take in your particular situation. Judicial foreclosing proceedings begin with a Notice of Default by the lender to the borrower. At this point, the lending party has the opportunity to negotiate new terms with the borrower. If the lenders cannot agree, the lender must then bring the matter to a court-based foreclosure court.
There are two types of judicial foreclosures found in the United States: federal law and state law. Federal law is located on bank notes and annuities, and federally insured loans. For example, the Internal Revenue Service sells tax liens at auctions. State law can also come into play if the lender acts under state law when they sell a property. For more information about judicial foreclosures in your area, be sure to contact a foreclosure lawyer.
States with Judicial Foreclosure:
- New Jersey
- New York
- North Dakota
- New Mexico
- South Carolina
Judicial Foreclosure in Astoria, New York
Foreclosure starts when bank records a lawsuit in state court. Once the lender records the complaint in court, the debtor is served notice of this complaint in-person, by mail, or by book. Once the court issues a judgment, the creditor could send a notice of sale. In New York the foreclosure process will last for 445 days with no redemption period after.
Each state handles foreclosures differently. List of judicial foreclosure states includes states where you can get the process done through court. But timelines and redemption periods varies from state to stae. Therefore, it is important to learn about the foreclosure laws in your state. If you need legal help, contact foreclosure attorney to get free quote on your situation.