Not exact matches
A
judicial foreclosure is processed through the courts; some states
require lenders to use this process.
A
foreclosure sale under a Deed of Trust does not have to follow the same procedures as a
judicial foreclosure, which
requires stricter parameters and a higher level of accountability; no
judicial supervision is
required for a
foreclosure sale under a Deed of Trust in most states.
At the current rate of
foreclosure sales,
judicial foreclosure states would
require 111 months to work through inventories of loans that are 90 or more days delinquent or in
foreclosure.
However, Kiplinger.com notes that how each individual state recovers will depend largely on how it deals with
foreclosures; in states that
require judicial review before signing off on a
foreclosure, backlogged properties can slow down the progress in the market.
States that do not
require judicial review — like Texas and Delaware — are speeding through
foreclosure processes in impressive time.
It takes an average of 806 days to complete
foreclosure in the Sunshine State, which
requires judicial review.