Does it matter whether a property foreclosure is being pursued within a judicial state or a non-judicial state? You bet it does!
For those who may be unfamiliar with the difference between judicial and non-judicial foreclosures, the short answer has much to do with time. Lots and lots of time. And, as we say in the business, time is money!
Here are the descriptions for both the judicial and non-judicial foreclosure process provided by the Mortgage Bankers Association:
A judicial foreclosure is a court proceeding that begins when the lender files a complaint and records a notice in the public land records announcing a claim on the property to potential buyers, creditors and other interested parties. The complaint describes the debt, the borrower’s default and the amount owed. The complaint asks the court to allow the lender to foreclose its lien and take possession of the property as a remedy for non-payment.
The requirements for non-judicial foreclosure are established by state statute; there is no court intervention. When the default occurs, the homeowner is mailed a default letter and in many states a Notice of Default is recorded, at or about the same time. The homeowner may cure the debt during a prescribed period; if not, a Notice of Sale is mailed to the homeowner, posted in public places, recorded at the county’s recorder’s office, and published in area newspapers/legal publications. When the legally required notice period (determined by each state) has expired, a public auction is held and the highest bidder becomes the owner of the property, subject to recordation of the deed. Prior to the sale, if the borrower disagrees with the facts of the case, he or she can try to file a lawsuit to enjoin the trustee’s sale. (Source)
Tale of the Time and National Foreclosure Statistical Overview!
In the first quarter of 2013 the average length of time to go through the foreclosure process in the State of New York, a judicial state, was 1,049 days.
Alternatively in California, a non-judicial state, the average amount of time to foreclose for a $450,000 home is a little over 500 days.
To examine the per state foreclosure statistics as well as other foreclosure metrics please read a great analysis provided in the CoreLogic National Foreclosure Report, April 2013 here.
***Property Tax Grievance in Long Island, New York*** – Testimonial
If you live in either Nassau or Suffolk County in Long Island, New York and would like to grieve your property taxes, one viable option is to do it on your own.
While it’s perfectly fine to do it that way, I used a professional who knew the ins and outs of the process and how to get it done well and most importantly right!
In most cases the amount you may ultimately save will likely more than justify any fee you might have to pay. And you only pay if your property taxes are successfully lowered.
From personal experience I give our highest recommendation to the Real Estate Assessment Group that recently reduced my property tax liability over $3,000. Visit the website here or email Mark Davella at email@example.com.
At Hallmark Abstract Service our pledge to clients is to make each and every interaction and transaction with our firm as seamless, painless and productive as it can be.
We accomplish this through the level of service we provide, the attention directed to every detail of a transaction, our quick turnaround times and finally through our extremely conservative pricing on non-policy related fees. These are just some of the things that our clients have come to expect from us!
And that’s why we continue to earn their business, time and time again!
Call or email us today to set-up an appointment and we will come to your office, learn about the nuances of your practice and explain to you the way that we approach ours!
Hallmark Abstract Service LLC
Michael Haltman, President
131 Jericho Turnpike, Suite 205
Jericho, New York 11753
Website: Hallmark Abstract Service
LinkedIn: Visit my Profile here
At Hallmark Abstract Service, we work harder to make your closings easier!
Hallmark Abstract Service is an agent for Chicago Title Insurance Company!