Non Judicial Foreclosure Research

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I became a homeowner during the housing market crash that started in 2007. While I had a great sense of accomplishment by owning a home and a car by the age of 20, many other families were, instead, struggling to pay their mortgages and were being foreclosed in massive numbers. This problem became personal when a family member and a few of my friends lost their homes to foreclosures. Then, I had some idea of what a foreclosure is, but I chose this type of proceeding because I wanted to do more research in order to have a much better understanding on the topic and possibly be able to avoid a future foreclosure on my mortgage or even be able to help others that are currently in that situation or may be in the near future. I chose foreclosures …show more content…
There are two types of foreclosures: a judicial and a non-judicial foreclosure. In non-judicial foreclosure the lender or bank can sell the home without going to court, but in over 20 states that have judicial foreclosure, including Florida, the lender must file a lawsuit and go through a court proceeding in order to foreclose a home. A judicial foreclosure typically starts with the lender sending a notice of intent to begin foreclosure. This notice informs the borrower that the proceeding can be avoided the missed payments are made up, if not, the lender files a lawsuit. The lender delivers a summons and a complaint to the borrower, which he or she has a chance to respond if they choose to contest the lawsuit. If not response is given, which is what usually happens, then there is a good chance that the foreclosure will go through almost automatically when the court issues a default judgment that gives the lender permission to sell the house. After the lender gets a judgment in its favor, they will usually send a notice of intent to sell the house. First and auction is held (short sale) and if no one buys it, the lender owns it. Throughout the whole foreclosure proceeding the borrower can choose to live at the property without making any payments until they are evicted after the house is sold
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