The following chart shows a comparison of the processes of Mortgage Judicial Foreclosure and Trust Deed Non-Judicial Foreclosure.
| Mortgage Judicial Foreclosure | Trust Deed Non-Judicial Foreclosure |
|---|---|
 |
|
| Borrower Defaults | Borrower Defaults |
|
|
| File Complaint (Initiate Law Suit) | Beneficiary authorizes Trustee to proceed with Foreclosure |
|
|
| Record Lis Pendens | Record Notice of Default |
|
|
| Court Hearing Date set for Sale | Period of Equitable Redemption Trustor can reinstate |
|
|
| Advertise the Sale | Advertise the Sale |
|
|
| Sell to highest bidder Buyer pays cash at sale. | Sell to highest bidder Buyer pays cash at sale. |
|
|
| Buyer receives Certificate of Sale | Trustee conveys Trustee's Deed to Buyer |
|
|
| Period of Statutory Redemption (Right of Redemption) | Deficiency Judgment Unlikely |
|
|
| Sheriff's Deed Conveyed to Buyer Evict Mortgagor | |
|
|
| Possible Deficiency Judgment |
Free Reports
- What is a Short Sale?
- How Short Sales Work
- What is Foreclosure?
- What are Mortgages?
- What are Trust Deeds?
- Finding Foreclosure Properties
- 3 Stages of Buying Foreclosures
- Financing Foreclosures
- Foreclosure Flowchart
- Options of Homeowner
- What are Tax Lien Certificates
- About Hard Money Lenders
- Lien Priority Revealed
- Simultaneous Closings
- Transactional Funding
- Buying Properties "Subject To"
- Avoid Foreclosure Scams
- What are Loan Modifications?
- Free Short Sale Audio
