The google maps link is for information purposes only and for the convenience of our website visitors. This process is generally much faster and cheaper than foreclosure by judicial sale. The other 28 states – including Arizona, California, Georgia and Texas – primarily use non-judicial foreclosure, also called the power of sale , which tends to be faster and does not go through the courts unless the homeowner sues the lender.
However, the holder of the mortgage may file suit against the borrower to recover any difference between the amount paid for the property at the foreclosure and the amount remaining on the promissory note. There are times when the sale of a property is not conducted on the date advertised due to an adjournment, bankruptcy or settlement.
As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale. We offer extensive home help services in Minnesota including first-time home buyer assistance, foreclosure process assistance and home mortgage assistance.
Final minimum bid information is not available until just prior to the scheduled sale date. Also, some lenders prefer to sell their bank-owned properties at a liquidation auction, often held in auction houses or at convention centers. When buying a home in foreclosure you might become responsible for any debt connected to the home.
Time from notice of foreclosures to actual property sales is dependent on many factors, such as the method of foreclosure (judicial or non-judicial). In most situations, insurance requirements are sufficient to guarantee that the lender gets some pre-defined percentage of the loan value back, either from foreclosure auction proceeds or from PMI or a combination thereof.