What is a Non judicial foreclosure?
The non-judicial foreclosure process bypasses the courts, as it is generally handled by an attorney or foreclosure professional. Because of the lack of court involvement, a non judicial foreclosure is a much speedier foreclosure process. In some states, the lender can repossess the property but is not allowed to pursue a deficiency judgment after the foreclosure process is completed. Other states will allow lenders to pursue borrowers for the mortgage deficiency.
In general, the borrower has the right to reinstate the mortgage and bring it current. In many states, the borrower has redemptive rights after the foreclosure sale date has occurred. The rules and requirements of both property types and borrower actions will vary greatly by state, so competent legal counsel is absolutely necessary.