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What is Non-Judicial Foreclosure?
A non-judicial foreclosure is a foreclosure that does not involve a lawsuit.
Instead, the mortgage lender issues a notice of mortgage default to the homeowner, as well as a notice of intent to sell the property.
The homeowner has a chance to stop the sale by paying the default amount owed or by coming to an agreement with the mortgage lender.
This agreement may include setting up a repayment plan and being allowed the option of delayed payments for a specified amount of time.
The homeowner can also stop foreclosure by filing for Chapter 13 bankruptcy. If the homeowner fails to stop the foreclosure, the house is auctioned off in the same manner as a judicial foreclosure.
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